Strong support from 200 day moving average indicates sustainable growth for gold and silver prices

Blog Categories , Insights

Welcome to Jaggards Wednesday Market Insight
15 Feb, 2023
As at 10 am, AEST.

Gold Spot Price $AU$2,653
Silver Spot Price $AU31.28
Platinum Spot Price $AU$1,337

Market Sentiment

Today we’ve included a 30 trend vision and a 1 year trend vision for Gold Price to provide more clarity on where pricing and search trends can coincide. The yearly trend vision looks to have found its bottom in December 2022 and is on the rise into the year, currently sitting around 70-75 (out of 100).

Twitter sentiment - 7 days

#Goldprice was tweeted 1340 times - stabilising and slightly rising on previous weeks.

Market News Highlights

This week we’ve included additional graphs and indicators to give more clarity around current Gold and Silver price movements, most importantly the weekly charts with a 200 moving day average overlaid. These weekly charts give us important information, specifically a) the 200MDA continues to provide upwards momentum and b) Gold and Silver have priced above the 200MDA since 2018. As our world economies continue to operate with eye-watering amounts of debt record inflation and increasing interest rates, the real-world cost to extract and produce precious metals has continued to increase as has the investment interest towards precious metals.

The war in Ukraine continues to fuel gold and silver interest as a protectionist method to avoid currency devaluing. The Russian Ruble now leads the world as ‘the most gold-backed currency’, and is also pursuing a gold-backed stable coin that could allow Russia to effectively improve their international trade techniques for moving their money for import and export. A gold-backed stable coin would also reduce (or remove) the need for using US dollars to facilitate trade between countries.
Daily international news, economic stress and ongoing war are all pointing to an ongoing strong position for precious metals.
*Not financial advice, please do your own research prior to any investment decisions you make.

Charts
30 Day price movement for Gold in USD.