Prices and Charts
Happy new year! We hope you managed to enjoy some time off with family and friends.
Not too much action over the low volume holiday period so we’ll keep today’s email very brief.
We’ll have our usual year in review and predictions for 2024 article ready for you next week. It’s always interesting to look back and see how we did with our guesses.
NZD Gold Unchanged From 3 Weeks Ago
Gold in New Zealand dollars is surprisingly unchanged from our last weekly update 3 weeks ago on 20 December. It remains at $3259 and is now just above the 200 day moving average (MA). During that time it did get back up to the 50 day MA but didn’t succeed in getting any higher.
While USD gold did in fact get back to toy with the key $2100 level during the low volume holiday period. But it is now down $6 since 20 December. Not far from the downtrend line. If that didn’t hold then the next support level is the 200 day MA at $1977. So we are still watching for a clear break above the $2100 mark.
5th Best Time to Buy Silver in NZD Since July 2022
Silver in New Zealand dollars is down a decent $1.60 or over 4% since 20 December. It continues to trade in the ever narrowing range inside this consolidating triangle or wedge pattern that dates right back to 2020.
Today it is back down close to the blue uptrend line in the wedge. NZD silver has bounced off this line 4 times in the last 19 months. So by our reckoning that makes now the 5th best time to buy NZD silver since July 2022. With the RSI closing in on oversold (below 30) that also adds credence to this theory.
So if you’ve been sitting on the fence, now might just be a good time to at least put one foot down and make a purchase of silver. As this uptrend line has held very strong for many years now.
In USD terms, silver is back below the 200 day MA but still above the uptrend line. So not quite such a strong buy signal there, but still in what is likely to be a decent buying zone.
Kiwi Dollar Broke Higher
The New Zealand dollar is down 18 basis points to 0.6238 since December 20th. It broke above the downtrend line dating back to 2021 over the holidays. But has pulled back to retest that again. Now the question is can it get back above the new support line from the start of 2023?
However we’ll still need to see it break the horizontal resistance line at 0.6500 and make a higher high, before we’ll be more certain of a change in trend.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
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Just a reprint of our last article from 2023 in case you missed it:
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
We’re back to normal operations this week. With all products available to order and shipments resuming too.
So please get in touch for a quote for gold or silver or if you have any questions:
- Email: orders@goldsurvivalguide.co.nz
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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