The precious metals of Gold and Silver saw net April declines of -$42.30 (2.2%) to
$1911.70, and -$2.05
(8.1%) to
$23.08 respectively. Gold is maintaining some degree of 'fear bid' via geo-political tensions, whilst Silver is more impacted by the bearish equity market.
Gold, monthly
Silver, monthly1b
Summary
Gold: printing $2003, but swinging lower to settle in the $1911s. Price momentum is stalling just under the key zero threshold. I would note the monthly 10MA at $1834, 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 would offer a grander target of the
2400/2500 zone, but that won't be easy with a broadly strong dollar.
Silver: printing $26.50, but cooling back to settle at $23.08.
Momentum ticked back downward.
I would note the monthly 10MA at $23.67, which silver settled below.
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, but that looks difficult with the broken equity market, and the broadly strong dollar.
The one solace for silver bulls is that old (seven year) resistance of the $21s, is still holding as new core support.
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It sure isn't the only variable, but the stronger dollar is keeping a lid on Gold.
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The Gold to Silver ratio stands at 82.81. Gold is clearly benefiting more from geo-political tensions, with Silver more prone to getting dragged lower by the main market.
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It takes 20.11oz of Gold to purchase one Bitcoin. This remains... beyond crazy, but the millennial 'hot money' has little interest in gold, and is instead obsessed with crypto.
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