Monday 30 September 2019

Very mixed month

The precious metals of Gold and Silver saw powerful net September declines of $56.50 (3.7%) to $1472.90, and $1.34 (7.3%) to $17.00 respectively. The m/t trend remains bullish, as Gold $1800s and Silver $21s are still within range before year end.

Gold, monthly1b

Silver, monthly1b


Gold: seeing a new cycle high of $1566.22, but settling in the $1472s. Monthly price momentum has levelled out, but remains strongly positive. Only bearish if the breakout zone of 1400/1370s is traded and held under.

Silver: a new cycle high of $19.75, but settling at $17.00. Monthly price momentum remains moderately positive. Still broadly choppy. Things only turn decisively m/t bullish with the >22s.

Gold-Silver ratio

Whilst the ratio ticked back upward in September, the June high of 94.06 looks secure. I'm expecting a renewed decline to the 67/66s, as Silver can be expected to play catchup to Gold.