Prices and Charts
NZD Gold Correcting Back Towards Last Week’s Breakout at $2700
Last week we pointed out that the RSI was into overbought territory at 70. So gold in New Zealand dollars would struggle to get above $2800. We also said to watch for a pullback towards the break out area of $2700.
As it happens that is pretty much what has played out since then. (We’re not afraid to say we don’t always pick things so accurately!) NZD gold is down $53 from 7 days ago. It’s now sitting not too far above $2700. The RSI is now back down into neutral territory near 50. So we could be getting close to seeing a bounce back in gold.
But if it were to drop through $2700, then the next level of support would be the 50 day moving average around $2670. That also coincides with the blue uptrend line.
Either way we are getting into some good buying zones now.
NZD Silver Plunges 4.5%
Silver in New Zealand dollars is down 4.5% from a week ago, after touching the blue downtrend line. NZD silver may be trying to put in a bottom at the 50 day moving average. It has made a series of higher highs and higher lows since September. Steadily getting more and more compressed with this wedge formation. Silver will have to break out of this before too much longer. But there is still room for a bit more sideways trading for potentially the next few months.
NZ Dollar Down Over 50 Basis Points
Last week the New Zealand dollar broke down below the blue downtrend line. Continuing the sharp plunge from the previous week. But after touching oversold on the RSI (30), today silver has bounced back up close to the downtrend line. The Kiwi is clearly still in a downtrend. Maybe fears of the government’s ongoing heavy handed approach to all things Covid is keeping the Kiwi down?
Who knows for sure but there remain more sellers than buyers currently.
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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Should I Buy Gold and Silver Coins or Bars in 2022?
In this week’s feature article we point out the significant increase in demand we have seen in recent months for lower denomination silver. Along with a couple of possible reasons for this increase.
But this article should help anyone that is mulling over whether to buy coins or bars. It covers:
- Should I Buy Gold Coins or Should I Buy Gold Bars?
- Locally Produced NZ Gold and Silver Or Overseas Manufactured Coins or Bars?
- Coin Purity
- Bullion Coins vs Collectible Coins
- When/If the Time Comes to Sell, Where Are You Likely to Be?
- Why Demand For Lower Denomination Silver Increased in 2021
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.
Stock Markets Bouncing Back – But is it Sustainable?
The main US stock market index, the Dow Jones Industrial Average, has been bouncing back since late January.
The local NZ stock market has also started to move higher after a bad start to the year.
Now the question is whether this yet another short term pullback and a “buy the dip” opportunity? Or as we discussed last week the start of a more serious bear market correction of 20% or more?
The Market Ear makes the comparison to the dotcom crash…
Bear market rallies can be furious
During the first phase of the dot.com correction, we saw three huge bear market rallies ranging between 18-30%, before the entire “thing” imploded later. If this is the top, it sure will frustrate most people and produce huge p/l pain, both ways.
Refinitiv
Of course in a bear market gold and silver could also take an initial dip lower. But history shows they bounce back quicker and outperform in a stock bear market.
Make sure you have enough insurance in place to balance out the rest of your investments.
So get in touch if you’d like a quote…
- 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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Here’s all you need to know about choosing between gold and silver coins or bars… Following the huge demand for gold and silver in March 2020 when COVID-19 first appeared, the supply of gold and silver coins was virtually completely exhausted worldwide. Since then demand has remained high, particularly for silver coins. So there have […]
It’s time for our annual review of the performance of gold and silver in New Zealand dollars. We’ll also look back on our predictions from the start of 2021. Then finish off by making a few guesses as to what 2022 might hold in store for us… 2021 was indeed a surprising year. COVID continued […]
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