The precious metals of Gold and Silver saw net February declines of -$108.60 (5.6%) to
$1836.70, and -$2.77
(11.6%) to
$21.07 respectively. Monthly momentum has stalled from just under the key zero threshold.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing a new multi-month high of the $1975s,
but swinging powerfully lower to the $1810s, and settling in the $1836s. Price momentum has stalled from just under the key zero threshold. The February candle is arguably bearish engulfing, and leans bearish into the spring. Next support is the
monthly 10MA in the $1784s.
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Silver: printing $24.75, but seeing a very powerful downside reversal to $20.50, and settling at $21.07. Momentum has stalled from just below the key zero threshold.
I would note the monthly 10MA at $20.90, which silver settled above.
A key threat to silver, will be if the main
market sees renewed downside into and across the spring. A further downward pressure will be
if the dollar resumes broadly upward.
-
The gold to silver ratio climbed to the 87s in February, as gold is holding up far better than silver.
-
The gold to bitcoin ratio stands at 12.59. I would expect gold to fair better this spring/summer, not least if there is any geo-political upset.
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