Friday 31 July 2020

Gold breaks above $2000

The precious metals of Gold and Silver saw net July gains of +$185.40 (10.3%) to $1985.90, and +$5.58 (29.9%) to $24.22 respectively. The long term trend in gold remains bullish, with silver finally breaking up and away.

Gold, monthly1b

Silver, monthly1b


Gold: the seventh monthly gain of eight, breaking a new historic high of $2005.40. The break above giant psy'2K offers a grander target of the 2400/500 zone, which appears realistic before year end.

Silver: a fourth consecutive net monthly gain, notably breaking above the 2016 high of $21.23, and printing $26.27 - the highest since April 2013. The move above the decisive $22s, offers a basic target of psy'30.

With silver breaking above the decisive $22s, the bold will now be leaning to Silver.