Tuesday 30 June 2020

Gold settles strongly

The precious metals of Gold and Silver saw net June gains of +$48.80 (2.8%) to $1800.50, and +$0.14 (0.7%) to $18.64 respectively. The m/t trend in gold remains bullish, with silver still broadly lagging.

Gold, monthly1b

Silver, monthly1b


Gold: the sixth monthly gain of seven, printing $1804.00, the highest level since Nov'2011. New historic highs above the Sept'2011 high of $1923.70 appear a given before year end. Any price action >2K should see very significant mainstream bullish chasing, with a grander target of the 2400/500 zone.

Silver: a third consecutive net monthly gain, printing $18.95. Big target remains the 2016 high of $21.23. Things turn decisive >22.00, which would offer a basic target of psy'30.

For now, the more cautious will lean to gold, as silver is still broadly stuck. In any case, m/t bullish implications for the related miners.