Gold and silver prices hit record highs, with gold futures reaching $4,584.00 an ounce and silver hitting $82.67 an ounce. Silver’s parabolic price trend suggests a market top is near. Both metals have high Relative Strength Index readings, signaling an overbought market due for a pullback.

Gold’s RSI hit a record high of 95.94, with the second-highest reading in 1980. Similarly, silver’s RSI is at its highest since 1980. History shows that after record highs in RSI, both gold and silver prices experienced significant drops. This signals a bearish trend for precious metal traders.

Veteran traders warn of a market climax when the general media and public catch wind of a trend. Gold and silver prices have reached new plateaus, potentially acting as price floors for years. The suggested major price floors are $3,000 for gold and $45.00-$50.00 for silver.

Despite the recent price surges, bearish signals are present for gold and silver traders. The market may be close to a climax, as indicated by media attention. While uncertainties remain, the metals market is showing signs of potential correction or pullback.

Read more at Yahoo Finance: This Is What Recent Price Action in Gold, Silver Is Signaling