Thursday 30 September 2021

Rough September

The precious metals of Gold and Silver saw net September declines of -$61.10 (3.4%) to $1757.00, and -$1.96 (8.2%) to $22.05 respectively.

Gold, monthly1b 

Silver, monthly1b



Gold: printing $1836.90, but cooling back into end month, settling in the $1757s. Price momentum ticked lower, and hasn't been this negative since early 2014. The September candle doesn't offer a short/mid term floor. I would note the monthly 10MA at $1802. For bullish confidence, gold bugs need to see a monthly settlement >$1850.

Silver: A fourth consecutive net monthly decline. Momentum ticked lower for a fourth month, and is on the moderately negative side. I would note the monthly 10MA at $25.60, which silver settled decisively below. Price action has been a m/t chop fest since August 2020. Things turn decisive for the silver bulls, with a break AND hold above psy' $30.00.

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