Friday 31 March 2023

A very bullish March

The precious metals of Gold and Silver saw net March gains of +$149.50 (8.1%) to $1986.20, and +$3.09 (14.6%) to $24.16 respectively. Monthly momentum has turned positive, which bodes bullish for April/Q2.

Gold, monthly1b


Silver, monthly1b



Gold: printing a new multi-month high of the $2014s, if cooling to settle in the $1986s. Price momentum has turned positive. The March candle is arguably bullish engulfing, and leans bullish for April/Q2. Next upside resistance is the Aug'2020 historic high of the $2089s. Any price action >2100, would offer the 2400/2500 zone.

Silver: printing $19.94, but seeing a very powerful upside reversal, and settling at $24.16. Momentum has turned positive. I would note the monthly 10MA at $21.15, which silver settled above.

A key threat to silver, will be if the main market sees renewed downside. A further downward pressure will be if the dollar resumes broadly upward. 

The gold-silver ratio stands at 82.22, and is clearly on the high side.

The gold-bitcoin ratio climbed to 14.29, although this is still half of what it was in 2021.

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