Prices and Charts
Sorry a bit late today due to internet outage…
Stronger Kiwi Dollar Nudges Gold in NZD Lower
Gold in New Zealand dollars was down half a percent solely due to the stronger NZ Dollar this week. Gold is now back close to the 50 day moving average (MA), but up from the blue rising trendline. That line continues to be a good place to buy, as gold has held above it since November last year. If it didn’t hold then the next major support zone is the 200 day MA and the $2700 horizontal support line.
So unlike the stock market currently, buying any dips in gold looks like being a good call.
In USD terms (lower half of the chart), gold has also kept bouncing up off the blue uptrend line. Making what looks to have been a higher low recently.
Silver Outperforms Gold This Week
Silver in New Zealand dollars is up 30 cents from 7 days ago. NZD silver continues to just bounce up and down between the blue uptrend line and the 200 day MA. This compressed trading range has been going since early May. We need to see silver get back above $35 now.
But on the positive side the uptrend line is proving to be strong support. So much like with gold, any return to that line should be looked at as a buying opportunity.
Meanwhile USD silver looks like it might have made a higher low last week. But silver remains in a sideways pattern for now. This is a common occurrence with silver. Long periods of little to no action, followed by fast bursts higher (or lower sometimes).
Kiwi Dollar Bouncing Back After Sharp Fall
The New Zealand dollar has bounced back. Up over 100 basis points in the past 7 days, after what was a very sharp fall down to the 0.62 horizontal support line. We might see the NZD move back up to the 50 day moving average from here. But the trend since early 2021 has been down. The Kiwi needs to get back clearly above 0.69 for that trend to be changed.
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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Does Gold Seasonality Affect the NZ Dollar Gold Price? What Does 2022 Have in Store?
If you’ve been around the gold sector for a little while you’ve no doubt come across talk of “gold seasonality”. See how seasonality has played out in gold ( and also silver) over the past 17 years…
Here’s what’s covered in this week’s feature article:
- What is Gold Seasonality?
- But Does Gold Seasonality Affect the New Zealand Dollar Gold Price?
- What About Silver Seasonality for Silver in NZ Dollars?
- Buying Opportunity for Gold and Silver Approaching?
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.
NZ Consumer Confidence Drops to Lowest Level Since 1988 – GDP Likely to Follow
Newshub reports that:
“Consumer confidence has dropped to its lowest level since 1988, with significant nosedives among people aged between 30 and 49, Westpac research has found.
The Westpac McDermott Miller Consumer Confidence Index released on Tuesday revealed a fall of 13 points to 78.7. Anything below 100 indicated there were more people pessimistic about the economy than optimistic.
In March, the index was 92.1. The last time it was in the 70s was in 1988, making the June quarter’s consumer confidence result the lowest in 34 years.”
The fact that this reading is the lowest since the survey began in 1988 is quite significant. As the period since 1988 has included the doom and gloom that followed the 1987 stock market crash, along with the Global Financial Crisis of 2008.
It seems that inflation at a 32 year high is starting to have some impact on what people see coming down the pike.
The chart below shows that consumer confidence is reasonably correlated to GDP growth. Although it doesn’t take nostradamus to see that the economy is likely to get more sluggish.
But we still get the impression that most think this will be a year or so and then things will “return to normal”. Our bet remains on a persistent period of stagflation, possibly for years to come.
The majority of the populace is not prepared for this. Are you?
If you’d like a quote, then please get in touch…
- 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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