April 6, 2026
Mish's Daily
By Mish Schneider
NOTE: @marketminute, Mish’s twitter has been hacked. While it gets fixed she will post and respond on @ecomodfam
A Sharp Pullback from Strength
Gold and silver have both pulled back sharply from their all-time highs.
In the process:
That relative weakness matters.
When metals lag equities after a strong run, it often signals a pause in momentum rather than immediate continuation.
Gold: Holding Support, Stuck in a Range
Gold has managed to hold an important technical level at its 200-day moving average.
In addition, a clear support zone has formed around 4,500.
This is constructive.
However, holding support is only part of the story.
For gold to regain upside momentum:
Until that happens, gold remains:
➡ Range-bound
➡ In a consolidation phase
Silver: Sideways with Defined Levels
Silver is showing a similar, though slightly weaker, pattern.
After its decline, price is now:
The key level to watch on the downside is:
On the upside:
Until then, silver remains in wait-and-see mode.
The Gold-to-Silver Ratio: The Real Tell
Perhaps the most important signal right now is not price alone but the relationship between gold and silver.
The gold-to-silver ratio provides insight into:
For silver to truly outperform:
➡ The ratio must break below 56
For context:
Right now, that signal is not yet in place.
The Actionable Framework
Here’s how to approach this environment:
Until those conditions are met:
➡ Avoid committing significant capital
➡ Let the market confirm direction
Bottom Line
Both gold and silver are doing something important:
They are holding support — but not yet breaking out.
This is the difference between:
Right now, we have the setup.
The signal still needs to come.
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Mish in the Media-Want to see more? All clips here
March 27 Yahoo Finance Trading Disparate Market Signals
March 31 NYSETV Mish talks with Kristen about watching price over headlines and what she sees
April 2 Financial Compass Signs to Follow and how to trade them
Coming Up:
April 8 Schwab Network
April 10 FintechTV
April 9 Financial Compass
April 23 Pre Market Prep
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) Classic reversal if holds 645 now 662 must clear
Russell 2000 (IWM) Classic reversal if holds 242 must clear 257
Dow (DIA) Classic reversal if holds 455 and must clear 468
Nasdaq (QQQ) Classic reversal if holds 560 and now must clear 595
Regional banks (KRE) 64 key number to hold and clear 69
Semiconductors (SMH) 380 a good place for this to hold if good and 403 to clear
Transportation (IYT) 73 now support and 79 to clear
Biotechnology (IBB) 164 now support and 171 to clear
Retail (XRT) Triple bottoms off of June and November 2025, and March 2026 lows? Has to clear over 85
Bitcoin (BTCUSD) Can this clear the 50DMA finally?
Every day you'll be prepared to trade with:
