Since last week both metals in NZ dollars are slightly lower. Gold is $2039 per ounce versus the $2061 it was last week. Silver is at $39.28 per ounce down not far off $1.00 per ounce from a week ago when it was $40.07.
But to our eyes both charts still give the impression of good buying zones. Gold in particular, with the price just below the 200 day moving average (red curvy line), but above the long term trend line and still above the previous downtrend line that it broke out above in September. Plus with the RSI almost in the oversold range gold in NZD looks ripe for a bounce from around here.
Silver continues to consolidate – it’s not quite so oversold as NZD gold though so a chance remains that it could go slightly lower than here in the short term. As always we can but make an educated guess.