This is the monthly Gold chart dating back to the year 2000. After peaking in 2011, it has pulled back, found support and has been in a trading range since ~2013.
There is an ascending wedge pattern and price is right up again the bottom line, will it hold?
There is a few red heikin ashi bars which signals the current downtrend.
Stocashtics have rolled over from the overbought area of 80.
The weekly chart with the 200 dma in orange. Price is above it which is a positive, but maybe not for long.
The trading range of ~1040 to ~1375 has been in place for 4+ years and it appears that it will stay within that range for some time.
Stochastics on the weekly chart are oversold and may embed should we get 3 weeks with both lines under 20. (Which suggests further decline in price)
The daily chart shows price has just pierced the lower trend line, so that may not be a significant support level.
Even with inflations from gas prices, energy and grocery costs, Gold is not responding to the current reality of living. At least not in the US.
The weekly chart of Silver shows the 200 week ma as major resistance. I wonder what will happen if price starts trending above it? Will it really break out to the upside?
My personal opinion is that Silver is one of the most undervalued assets worldwide. $16.50 for one ounce of pure Silver?
Gold surpassed the 1980 high of ~850 an ounce quite a few years ago. The high for Silver in 1980 spiked up to $50 and ounce and we are very far from that...
The Gold/Silver miners ETF, GDX is also in a trading range, this time the 200 dma is under the price... This ETF is like owning a leveraged Gold/Silver. It will not move much unless Gold/Silver starts moving in a specific direction.
I think that the Crypto market took quite a few investors out of the ETF's for Gold as well as with the physical markets. Once BTC turns around to the upside, I would expect even more people to dump both Gold, Silver and scale into the Crypto market, even though the banks have started eliminating the use of credit cards...