Friday 28 April 2023

Precious metals broadly climbing

The precious metals of Gold and Silver saw net April gains of +$12.90 (0.6%) to $1999.10, and +$1.07 (4.4%) to $25.23 respectively. Monthly momentum is increasingly positive, which bodes bullish for May.

Gold, monthly1b


Silver, monthly1b



Gold: printing a new multi-month high of the $2063s, if cooling back to settle in the $1999s. Price momentum was net positive for a second month. The April candle is a little spiky on the upper side, but we do have a higher high and higher low. Next upside resistance is the Aug'2020 historic high of the $2089s. Any price action >2100, would offer the 2400/2500 zone.

Silver: printing $26.24, if cooling back to settle at $25.23. Momentum was net positive for a second month. I would note the monthly 10MA at $21.63, which silver settled far 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.  

Of the two metals, I favour Gold, especially for a potential geo-political 'fear bid'. I'd accept silver has massively more upside potential than gold, but many have been saying that since the $49s of 2011.

The gold-silver ratio stands at 79.25, and remains on the high side.


The gold-bitcoin ratio climbed to 14.68, although this is still half of what it was in 2021.

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