Prices and Charts
The Correction is Here
The long awaited correction in precious metals has finally arrived.
NZD gold is down 5% on a week ago. Today the price is hovering near the old all time high above $2300.
The big question now is how low will it go?
We could see the price dip lower to $2250. This is where the 50 day moving average and the rising trendline coincide.
But the RSI overbought/oversold indicator has now moved right back down below 50 to neutral territory. So there are no guarantees the price will fall much lower. We could instead see a period of consolidation around these levels.
More on that in this weeks feature article below…
Silver Fell Harder Than Gold
Meanwhile NZD silver is down almost 8% since last week! Perhaps not a big surprise after rising so quickly in August.
Silver too is taunting us with the same question now. Will it drop any further?
Silver appears to be trying to get a toe hold around the $28 level. It too is down into neutral territory already on the RSI.
It really is anyone’s guess where to from here. But we offer a word of caution to be careful about trying to pick the bottom of this correction.
It is a common mistake to get stuck on the sidelines wondering if the metals will go any lower.
NZ Dollar Bounced as Expected
This week we’ve also had the NZ dollar strengthening. Continuing the recent unusual trend of moving at odds with the gold and silver price.
The simultaneously falling dollar had amplified the recent gains in gold and silver. But this week the rising Kiwi has amplified the losses.
However it looks to us as though the NZ Dollar might struggle to get too much higher from here.
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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The Anatomy of a (New) Gold Bull Market: Prices Rises. Sharp Correction. Bigger Rise to Come?
This week we dig into this new bull market in precious metals.
We look at:
- Why This Correction May Only be a Brief One
- How Most Have Yet to Accept That a New Precious Metals Bull Market is Underway
- How Very Few Are “Buying the Dip” and What This Means
- Why the Next Wave Up Could Be Even Bigger
- What Could Drive the Gold Bull Market Even Higher?
- What to Do if You’re Sitting and Waiting to Buy?
Should I Buy Gold or Silver in 2019? 7 Factors to Consider in Gold vs Silver
This is perhaps one of the most commonly asked questions we get: “Should I buy gold or silver?”
Of course in the end it comes down to personal preference what you do. However, here are 7 things we think you should take into consideration when making your decision:
- Crisis Hedge
- Mark Ups or Margins Over Spot Price
- Ability to be Borrowed Against
- Potential Upside
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.
Do you need any further queries answered?
Give us a call. Or book a time online that suits you for a free bullion consultation.
- Email: [email protected]
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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