Is anyone still interested in Gold/Silver? Or are most people on Steemit into crypto/blockchain only? (I know there are a few physical hodL'ers of precious metals on this platform)...
Not much change on the weekly chart of Gold. It is still in a tight trading range just under resistance at the 1357 level.
Stochastics have rolled over and may be a signal for near future weakness.
The daily chart show a bit more detail regarding the resistance at ~1350. The 50 dma does not seem to be providing any support or resistance.
On a fundamental note, prices of consumables have increased over the past few years. Food, gas, energy, building materials, etc... This can be seen as inflationary, but it has not been realized with the precious metals markets.
The one thing to watch that has an impact on the Gold price (gold line) is the US Dollar (green line) This is the weekly chart from 2013 and you can see the inverse relationship. Should the dollar break lower, expect to see Gold break out to the upside. (Theoretically)
The weekly Silver chart is in a tight trading range. Gold will need to break out first before Silver follows.
The Gold/Silver miners ETF, GDX is trading similar to Silver, in a trading range. When the precious metals does make a break to the upside, this ETF should have greater percentage gains. (On the downside as well...)
