This Week's Gold and Silver 5\16 - 5\20
Gold and silver are great safe havens in times of inflation or uncertainty caused by war or an upcoming recession. They have both been on a long uptrend since the Russian war started. Any escalation in the war or in inflation woul likely get more buyers to flock to this safe haven. Gold and Silver futures opened up in the green this week so we may just get that bounce off of support. It is still to early to tell but that is a slightly bullish open to the week.
$SPDR Gold ETF (GLD.US)$
Gold has been on an uptrend for a very long time. It is forming a very long term wedge pattern and is currently near all time highs. A break to either side of this wedge pattern may cause a big move in price action. With all of the uncertainty in the markets lately Gold will be sensitive to headlines about inflation and the Russian conflict. So pay attention to escalations in the conflict or worsening inflation. These two factors have been the main reason for the flock to safe haven assets.
$SPDR Gold ETF (GLD.US)$
Gold has been on an uptrend for a very long time. It is forming a very long term wedge pattern and is currently near all time highs. A break to either side of this wedge pattern may cause a big move in price action. With all of the uncertainty in the markets lately Gold will be sensitive to headlines about inflation and the Russian conflict. So pay attention to escalations in the conflict or worsening inflation. These two factors have been the main reason for the flock to safe haven assets.
On a shorter timeframe your can see that gold has been range bound since August of last year. The escalating Russian war caused gold to spike up to near all time highs. The price has since retreated and is near multiple long term support levels. If we follow the trend on gold then we could expect a bounce off of support. If we break below all of these support levels then it will look a lot more bearish on gold. But again it all depends on the global inflation situation and the Russian war that will determine the path of gold.
Gold looks like it is ready for some short term upside based off of the 4 hour indicators.
$iShares Silver Trust (SLV.US)$
Silver generally moves in the same direction as gold recently but the technical picture is not looking as good on silver as compared to gold. Price has broken down from a range that has held the price up for several weeks. It seems like the price will break down but it still sits right above a long term support. The indicators show that it may get a little pump in the short term.
Silver generally moves in the same direction as gold recently but the technical picture is not looking as good on silver as compared to gold. Price has broken down from a range that has held the price up for several weeks. It seems like the price will break down but it still sits right above a long term support. The indicators show that it may get a little pump in the short term.
$SPDR S&P 500 ETF (SPY.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $Invesco QQQ Trust (QQQ.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$ $VIX Index Futures(DEC4) (VXmain.US)$ $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $Bitcoin (BTC.CC)$ $Hycroft Mining (HYMC.US)$ $Barrick Gold (GOLD.US)$ $iShares Russell 2000 ETF (IWM.US)$ $Apple (AAPL.US)$ $Microsoft (MSFT.US)$ $Alphabet-C (GOOG.US)$ $Hang Seng Index (800000.HK)$ $Hang Seng TECH Index (800700.HK)$ $SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $SSE 50 Index (000016.SH)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $FTSE Straits All-Share Index (.FSTAS.SG)$
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103875312 OWL : Gold has a anti-corelation with stocks (risky asset).
SpyderCall OP 103875312 OWL : Very true. Occasionally they will travel together but most of the time it is an inverse correlation. But in inflationary times it can be a hedge against inflation.
SpyderCall OP : Gold and silver futures opened this week in the green. We might get a bounce off ranging support it aseems