Saturday, 30 April 2022

A difficult April

The precious metals of Gold and Silver saw net April declines of -$42.30 (2.2%) to $1911.70, and -$2.05 (8.1%) to $23.08 respectively. Gold is maintaining some degree of 'fear bid' via geo-political tensions, whilst Silver is more impacted by the bearish equity market.

Gold, monthly

 


Silver, monthly1b

 


Summary

Gold: printing $2003, but swinging lower to settle in the $1911s. Price momentum is stalling just under the key zero threshold. I would note the monthly 10MA at $1834, which was again settled above. Gold is holding some degree of 'fear bid' on Russia/Ukraine geo-political concerns. 

Next target is the Aug'2020 historic high of the $2089s. A push >2100 would offer a grander target of the 2400/2500 zone, but that won't be easy with a broadly strong dollar.

Silver: printing $26.50, but cooling back to settle at $23.08. Momentum ticked back downward. I would note the monthly 10MA at $23.67, which silver settled below. Price action has been a broad chop fest since August 2020. Things turn decisive for the silver bulls, with a break AND hold above $25.50, but that looks difficult with the broken equity market, and the broadly strong dollar. 

The one solace for silver bulls is that old (seven year) resistance of the $21s, is still holding as new core support.

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It sure isn't the only variable, but the stronger dollar is keeping a lid on Gold.

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The Gold to Silver ratio stands at 82.81. Gold is clearly benefiting more from geo-political tensions, with Silver more prone to getting dragged lower by the main market.

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It takes 20.11oz of Gold to purchase one Bitcoin. This remains... beyond crazy, but the millennial 'hot money' has little interest in gold, and is instead obsessed with crypto.

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Thursday, 31 March 2022

Gold and Silver battling upward

The precious metals of Gold and Silver saw net March gains of +$53.30 (2.8%) to $1954.00, and +$0.77 (3.1%) to $25.13 respectively.

Gold, monthly1b

 


Silver, monthly1b

 


Summary

Gold: powered upward in March, largely on Russia/Ukraine, printing the $2078s, and settling in the $1954s. Price momentum is ticking upward, set to turn positive in early April. The March candle is spiky from around the Aug'2020 historic high. I would note the monthly 10MA at $1820, which was again settled above. Gold is holding some degree of 'fear bid' on Russia/Ukraine geo-political concerns. 

Next target is the Aug'2020 historic high of the $2089s. A push >2100 appears probable, with a  grander target of the 2400/2500 zone.

Silver: printing $27.50, but cooling back to settle at $25.13. Momentum ticked upward, and will be prone to turning positive in May. I would note the monthly 10MA at $23.98, which silver settled above. Price action has been a broad chop fest since August 2020. Things turn decisive for the silver bulls, with a break AND hold above $25.50. The one solace for silver bulls is that old (seven year) resistance of the $21s, is holding as new core support.

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Tuesday, 1 March 2022

Gold catching a fear bid

The precious metals of Gold and Silver saw net February gains of +$104.30 (5.8%) to $1900.70, and +$1.97 (8.8%) to $24.37 respectively.

Gold, monthly1b 


Silver, monthly1b


Summary

Gold: rebounded strongly in February, printing the $1976s, and settling around psy' $1900. Price momentum is ticking upward, set to turn positive within 1-2 months. The February candle is spiky from the upper bollinger. I would note the monthly 10MA at $1815, which was decisively settled above. Gold is catching some degree of 'fear bid' on Russia/Ukraine geo-political concerns. 

Next (obvious) target is giant psy' 2K, and then the Aug'2020 historic high of the $2089s. A spike >2100 appears a threat within March. Grander target is the 2400/2500 zone.

Silver: printing $25.67, but cooling back to settle at $24.37. Momentum has started to tick back upward, if remaining on the moderately low side. I would note the monthly 10MA at $24.27, which silver settled above. Price action has been a broad chop fest since August 2020. Things turn decisive for the silver bulls, with a break AND hold above $25.50. The one solace for silver bulls is that old (seven year) resistance of the $21s, is holding as new core support.

For more of the same...  

For details and the latest offers > https://www.tradingsunset.com