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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