Gold-Silver Discrepancy Analysis – Reevaluation After NFP ReactiGoldOANDA:XAUUSDDolf_1xAfter taking a loss yesterday, I had to reassess my outlook on Gold. The market behavior leading into and following the NFP event revealed significant discrepancies between Gold and Silver that can’t be ignored. Since April 24th — the day Gold printed its highest price in human history — the daily chart has shown consistent lower low formations. In contrast, Silver had been forming higher highs on the daily during this same period, showing relative strength. However, this dynamic began to shift. On the 4-hour chart, Silver is now printing lower lows from last month’s high, aligning more closely with Gold, which has been bearish on both the daily and 4-hour timeframes since its peak. A key moment occurred just before the NFP release: Silver made a strong run above last week’s high, while Gold failed to even trade above Wednesday’s high — which coincides with the gap fill from last week Tuesday’s open. This divergence in price behavior is crucial. Gold closed yesterday with a full-bodied bearish engulfing candle, rejecting that same gap area. Meanwhile, Silver’s breakout above last week’s high, despite its internal weakness, is a clear discrepancy of value. Now, with Silver beginning to shift into lower low structure on the daily and no bullish market structure shift present on the 4-hour chart, the bullish narrative weakens. This divergence between both metals—especially as Silver shows signs of internal breakdown—suggests a high-probability case that the market may be preparing for a broader downside move rather than continuation to the upside. That said, the key level at 3225/3200, which I marked during my previous bullish outlook, remains on watch. Price reaction at this zone will be critical in determining whether the market still has a chance to reclaim bullish intent or if the short bias continues to play out. If the bearish pressure holds, 3120 becomes a likely target—and a deeper fall toward 2960 wouldn’t be surprising either, considering it aligns with a key discount zone from the weekly timeframe.