Prices and Charts
NZD Gold Surges Almost $200 to Another All-Time High – Hardly Anyone Notices
Gold in New Zealand dollars powered higher by $195 from last week. It now sits above $3800 for the first time ever. It is still extremely overbought on the RSI indicator (circled in blue). But it was already last week too and has risen another $194 since then! A pullback will happen at some stage. But it’s still anybody’s guess as to how much higher exactly that pullback will start from? Just since last week we’ve had to add another buy zone at $3700. Below that $3600, and $3500. Then a significant support level would be a retest of the break out at $3450 to $3500, as that also coincides with the 50 day moving average. It may be advisable to layer in on any fall as breakouts like this are notoriously hard to trade.
While in USD gold is up $104 or almost 5%. Gold has made a new all time high each day this week. We have trouble recalling when gold last jumped by such large amounts each day and week. At some point we’ll see a pullback, but from how much higher? We still might see a retest of the breakout just below $2100. But the dip in March only took us back to $2150.
We have more on the gold breakout in this week’s feature article below.
Silver Finally Joins the Party
Silver outperformed gold this week. In NZD terms it was up $3.19 or almost 8%. But of real significance today is that NZD silver looks to have finally broken out of the multiyear wedge pattern dating back to 2020. The inevitable breakout that we said last week was perhaps imminent looks to finally be underway. While the RSI indicator is into overbought (circled), the odds are NZD silver will now test the 2020 high at $45.
The breakout is not quite so confirmed yet in USD terms. But odds favour it being underway. We need to see it close above $26.20 which is where it sits as we type. Then above that the key level of $30 will really herald much higher silver prices to come.
So the silver spring might be about to release. Much higher silver prices are in the pipeline.
We also have more on price targets for silver in this week’s feature article.
NZ Dollar Remains Weak
The NZ dollar continues to be weak. Down 34 basis points this week to 0.5963.
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:
Continues below
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Gold Blazes a Trail: Will Silver Shine Too?
Gold prices have recently skyrocketed, potentially breaching a key resistance level. In this week’s feature article, we unpack the significance of this breakout and explore what it could mean for the future of precious metals.
In this article, you’ll discover:
- Why the recent gold price surge has some investors excited
- How historical trends can inform us about potential future gold price movements
- Whether this breakout could signal a similar surge for silver, often referred to as “gold’s little brother”
Curious if the recent gold rally is a sign of things to come for the entire precious metals market? This article explores the connection between gold and silver and sheds light on whether silver might be poised to follow suit. We also have some price targets for the next move in both precious metals.
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.
More Evidence Why the Rise in Gold is Just Getting Started
With gold hitting new records every day. Many people would expect we’d be seeing a rush to buy. But in fact, it is just the opposite. So today in the news, instead of an article about gold hitting all-time highs, we spotted an article about people selling:
Kiwis take advantage of record gold prices, cash in investments
New Zealand gold investors are taking advantage of record high prices to cash in their investments. Local precious metal merchants who facilitate the trading are seeing a lift in investors selling gold bars and coins.
Source.
As we point out in this week’s feature article, this is just one of the reasons why we think gold is likely heading much higher. A top never comes with people selling but rather people buying.
Gold Has Been More Overbought Than Right Now Many Times Before
If on the other hand you’re looking to buy but on the fence, then layering in might be a good move. As trading breakouts can be very difficult. We could see gold and silver stay overbought for a long period of time. The 2019, 2020 and 2021 peaks saw gold even more overbought than right now. While back in 1999 we saw the RSI indicator get well above 90.
So it may pay to get a position and then add to it on any pullbacks. Although our guess is that in the long run current prices will seem cheap regardless of exactly what level you might purchase around here. As also marked on the chart above, the previous couple of times we saw breakouts after lengthy consolidations resulted in some large moves higher.
Gold (and now also silver) is likely just getting started.
Please get in contact for a gold or silver quote, 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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