Is the Gold and Silver run over?

It's been a while but yesterday's move during US market hours saw the massive sell down for Gold and Silver where Gold Futures is currently trading at 1923.70 and Silver Futures at 25.28. The current news on why precious metals has taken a hit was due to the vaccine that Russia has indicated and resulting in equities being more favorable than safe havens. It is important to monitor the price action for the next few days/weeks as we may see more downward action for precious metals considering its parabolic move to the upside over the past 2 weeks. 

Looking at GLD chart, it has dropped a good -5.37% overnight and close below its 20MA for the first time after many days. It may look to correct even further if more positive news on the vaccine continues to be published. First level of support may be at 173.74 at 61.8% Fibonacci retracement. There was sideways accumulation at around 168.25 and it may be another level, though the period is not that long (6-7 trading days). 

GLD Daily

Silver really took a beatnig last night, plunging -13.59% in a single day. Its first breakout point was at 22.62 (the long green bar on 4 Aug) and we will need to see the price action today to determine if it will close above that price level. If this continues to close below, we are looking at the next level at 21.54 which is a gap fill. 

SLV Daily

Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

News Flash: Gold just hit a fresh record high — but some say silver is set to overtake

Silver is set to outshine gold, even as prices of both precious metals soar in the midst of a faltering global economy and a weakening U.S. dollar.

This year, gold prices have shot to record highs not seen since September 2011. Investors have been fleeing to “safe haven” assets as the pandemic shows no signs of abating.

Gold prices hit a new record close of $2,021 per ounce overnight — settling above $2,000 for the first time. It was last trading at $2,020.30. Geopolitical unrest overnight likely added to the spike. The blasts in Beirut, which killed dozens and wounded thousands, “probably (added) to the shine of Gold above $2020,” said a note from Mizuho Bank.

Source: CNBC

Gold and Silver has made big moves overnight again, with Gold Futures trading at $2,032 per ounce and Silver at $25.99. Its move is in anticipation of the Fed's potential actions which the Fed is looking at maintaining 2% inflation. Lots of media attention is now back on Gold and Silver as compared to Tesla which is no longer the talk of the town currently. 

Looking at the GLD monthly chart, we can see that it has now closed above its all time high in 2011 but the charts may look overbought within 2019/2020 but if we look at the consolidation, it looks to have started since 2013 (7 years) before one starts to make a decent gain from Gold. 

GLD monthly

Looking at the SLV monthly chart, it looks like the move started in July to close the month of July with a massive gain of 63.99%! Looking at the broader trend, the highs for SLV was back in 2011 at $48.35 and we will see if Silver will catch up to what Gold is doing which would mean a possible gain of almost close to 50%. 

SLV monthly

Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

Gold and Silver... again

Based on last night's movement, Gold has once again pushed up higher with its high of 1959 for Gold Futures. Looking at the GLD ETF that tracks Gold, it also moved up 0.76%. 

However Silver did not follow the uptrend and there's likely profit taking with a fall of -0.52% for Silver Futures and SLV ETF dropping 0.88%. 

Daily charts: Gold has been gapping up and Silver seems to be topping out or consolidating but likely more of topping out since its gap up from $17. 

Weekly charts: Looking at both GLD and SLV charts, it is already a parabolic move and it is likely the news will continue to talk about Gold and Silver which may draw retailers to push it higher while the big boys may take the opportunity to offload at the same time. 

Wait for pullbacks to identify support levels. Take real caution if you want to enter these two precious metals at this moment. 

GLD Daily

GLD Weekly

SLV Daily

SLV Weekly

Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!

Looking beyond Tech and Gold

I will be sharing some views on 2 specific sectors that are underperforming and may have a good opportunity for an upward move. Currently as we can see, Tech and precious metals like Gold and Silver are leading the way in the markets and mainstream media so it would not be good to chase high prices in case of picking up what the big boys may dump. 

2 sectors that I am looking at currently is energy and financials which both are lagging behind. 

While the focus is on equities...

On the other side of things, gold and silver has made tremendous runs over the past 2 weeks and the run has been parabolic.

One should not chase these two precious metals at this moment and should wait for pullbacks to find a good entry.

Looking at gold, the consolidation has been taking place since April and recent breakout has made a tremendous 9.63%. Looking at Gold futures which is currently trading at 1929 and the massive news coverage on Gold, it is likely to push higher for the next few days due to retailers joining in and likely due for a pullback but I don't expect it to tank considering the latest news on the 1 trillion bailout package that the US government is trying to lobby. If that happens, expect Gold to make even more parabolic moves as many central governments will look to get physical gold to back their currencies.

GLD Daily

GLD Weekly



Looking at the Silver chart, it has also made diabolic moves recently and it is really relentless in its up move. I will share more insights once I go through some of the news/charts as I have not really been following Silver but if Gold moves, all the other precious metals will naturally tag along as well.

SLV Daily


SLV Weekly