Saturday 30 April 2022

A difficult April

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



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.


It sure isn't the only variable, but the stronger dollar is keeping a lid on Gold.


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.



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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