Prices and Charts
NZD Gold Drops Below Uptrend Line
Gold in New Zealand dollars was down $41 from a week ago. Falling below the blue uptrend line that had been strong support all year. It dropped to the next buying zone we had said to watch for – $2800. If that doesn’t hold then the next support would be at the 200 day moving average of $2750. Below that is horizontal support at $2700.
NZD Silver Falls Less Than Gold
NZD silver was down just over 1%, so less than gold this week. Having fallen through the blue uptrend line the previous week, silver is once again back down to the $31 support line. So we are still watching to see if it can make a triple bottom around there.
Otherwise the blue shaded support zone down at $30 which dates back to 2016 would be the next area to watch. The RSI remains oversold below 30 (see the indicator at the top of the chart). So we are still expecting a bounce from somewhere near here.
NZ Dollar Hits 26 Month Low
The New Zealand dollar is up a little today. But for the week it is down 46 basis points having reached a new 26 month low a couple of days ago. We’d expect a bounce soon too. But the Kiwi is clearly stuck in a downtrend.
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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Why is Gold More Valuable Than “Worthless Paper”?
Whether you’re an old hand at the matters of gold, silver and what is money, or a real newbie, you’ll probably have something in common with a frustrated reader. He admitted that all the conflicting information about how the world monetary system works was “doing [his] head in!”. Today we share our thoughts on why gold is more valuable than paper including our answers to:
- The Accusation That You Can’t Eat Gold
- What About Governments Changing the Rules on Gold?
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.
RBNZ Hikes by 0.50% Again
The RBNZ unsurprisingly hiked its key interest rate by 0.50% again today. This was widely expected and we haven’t seen any moves in markets as a result of this.
This is despite the fact that: “Almost three-quarters of economic commentators surveyed in a new poll expect New Zealand to enter a recession before 2025.”
But the RBNZ are focused on fighting the inflation that continues to rage. They were late to start and they’ll likely be late to reverse too.
Fund Manager: Are We At A Turning Point for Stock Markets?
Meanwhile this article from an NZ fund manager seems to be the prevailing opinion. That is that perhaps share markets are close to bottoming out.
“Devon Funds head of retail Greg Smith asks if high levels of pessimism, high cash balances and depressed market multiples mean we are almost at the end of this year’s volatility?”
It seems to us that the majority still thinks this is just a correction. Or a buy the dip opportunity.
Rather than a change in trend that could last for many years. We might currently be in a short term uptrend for stock markets. Because nothing falls in a straight line. But our thinking remains that we are now in a bear market that could run for some time yet.
This doesn’t necessarily mean we have to be out of the markets altogether. But we’d be wise to be sure to have enough financial insurance to balance out the potential fall in other markets.
Because despite the recent falls, gold in New Zealand dollars remains well up for 2022. Do you have enough cover?
Please get in touch if you have any questions:
- Email: email@example.com
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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