Why the Rise in Gold is Just Getting Started

Prices and Charts

Change from last weeks gold and silver prices

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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.

NZ Dollar Gold Chart

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 Silver Chart

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:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

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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.

USD Gold Breakout – All Time High Above $2200 – What Happens Now?

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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.


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:

  1. Email: orders@goldsurvivalguide.co.nz
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This Week’s Articles:

Best is Still to Come For Gold

Wed, 27 Mar 2024 1:57 AM NZST

Prices and Charts Looking to sell your gold and silver? Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $3470 Buying Back 1kg NZ Silver 999 Purity $1212 NZD Gold Hits Yet Another All-Time High Gold in New Zealand dollars was up $63 from last week. Hitting $3634 today. It remains […]

The post Best is Still to Come For Gold appeared first on Gold Survival Guide.

  Read More…

As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing

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Have a golden week!

David (and Glenn)
Ph: 0800 888 465
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The Legal stuff – Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

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