The precious metals of Gold and Silver saw net May declines of
-$63.30 (3.3%) to
$1848.40, and -$1.40
(6.0%) to
$21.69 respectively. Gold is maintaining some degree of 'fear bid' via
geo-political tensions, whilst Silver is more adversely impacted by the m/t broken equity market.
Gold, monthly
Silver, monthly
Summary
Gold: printing $1785, but recovering to settle in the $1848s. Price momentum has stalled just under the key zero threshold. I would note the monthly 10MA at $1837, which was marginally settled below. 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 $20.42, but recovering to settle at $21.69.
Momentum remains negative.
I would note the monthly 10MA at $23.28, which silver settled decisvely 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.
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