Thursday, 31 March 2022

Gold and Silver battling upward

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



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.

For more of the same...  

For details and the latest offers >