The precious metals of Gold and Silver saw net August declines of
-$55.60 (3.1%) to
$1726.20, and -$2.32
(11.5%) to
$17.88 respectively. Gold is seeing its inherent 'fear bid' erode, whilst Silver is fairing far worse due to the m/t bearish equity market.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing $1824.60, but swinging lower to settle in the $1726s. Price momentum is increasingly negative. I would note the monthly 10MA at $1833, which was again settled below, as the m/t trend is bearish. Gold is holding some degree of 'fear bid' on Russia/Ukraine, and China/Taiwan geo-political concerns.
There remains background 'bullish chatter', but I will
struggle to take gold seriously again until it breaks a new historic
high >$2100. An eventual 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 $20.87, but swinging lower to settle at $17.88. Momentum is increasingly negative, at levels last seen in early 2014.
I would note the monthly 10MA at $22.13, which silver settled below for a fifth month.
Things
only turn interesting with a break AND hold above $25.50, but
that looks difficult for the rest of this year, with the m/t bearish equity market, and the broadly
strong dollar.
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