Gold, Silver, GDX chart review May 5th @ 20:00 PST
Here is the monthly Gold chart dating back to 2000. There was quite a bullish run up until 2011, then the bears took over.
Late 2016 appears to be the bottom of the bear market and Gold has been in a rising wedge pattern with the ceiling at 1375.
On the weekly chart, it is currently printing red heikin ashi bars which depicts the current downtrend.
Stochastics are near the oversold 20 area.
Support may be at the upwards trend line.
The daily chart shows the trading range it has been in since the start of 2018.
It may have support at the bottom of the trading range and stochastics has initiated a turn back up.
What influences the Gold market is the US Dollar. This is a monthly chart dating back to 2000.
It has support at the ~90 level and the 200 month moving average. (Which it touched only to reverse back up)
It has printed a few green heikin ashi bars and stochastics appear to be rising from the oversold area.
Will it continue up? Or will the downtrend that started in 2017 continue?
Here is a weekly line chart comparison of Gold (gold line) and the US Dollar (green line) and their inverse relationship.
The weekly Silver chart has been in a trading range since 2014.
The 200 week moving average (blue line) appears to be suppressing the price.
The Gold/Silver ratio is currently ~79. The natural ratio in the earths crust is ~19 (19 parts Silver to 1 part Gold)
The weekly Gold/Silver miners ETF GDX is also in a trading range, but the 200 week moving average is supporting the price.
There will not be much action with Silver or GDX until Gold breaks out either up or down.
Question: Has the crypto market stole the thunder out of the precious metals market?
As of this post, the crypto market is worth $469 billion. If that amount went into Gold and Silver, how much higher would the prices be?
Is Bitcoin the new Gold? Digital Gold? It has many of the attributes of Gold, divisible, fungible, portable, durable, limited in supply. It may be easier to obtain in some cases and it is easily moved on a hardware wallet. (Like in an airport) Try moving 50 ounces of Gold coins or bars through an airport...
good post, nice graphically shown. nice information. Thanks for sharing such information.
Nice to see youu thanks you so.much for.these update information and for anlysis about this matter.
Crypto market has stole the thunder out of the precious metals market..no doubt about that
It is an important information for us.hope it will help all
Good information bro... Thank you...
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