GOLD Archives - Page 2 of 2

March 7, 2022March 7, 2022

Commodities Skyrocket Amidst Russia-Ukraine Tensions

Since the beginning of the Russian military invasion of Ukraine, prices of most commodities have headed in a strong bullish direction. On Monday, 7th of March 2022, the price of Gold hit $2002 per ounce in a gap up. The last time it reached this price was in August 2020. The year’s support line is at $1780 per ounce.

The price of silver reached a new resistance level at $26.1 per ounce. The last time Silver’s price was at this level was in July 2021. The year’s support level is maintained at $21.9 per ounce.

The price of Brent Crude Oil opened for the week at $129 per barrel. It appreciated for some hours to $130.55 after which it began to drop. As of March 7, 2022, the price of Brent Crude Oil is at $122 per barrel. WTI Oil opened at $121 per barrel and rallied up to $130.55 before it began a descent. WTI Oil’s price is currently at $119.

We don’t see the commodity price sustaining this rally over the long-term as the Russian military forces might cease-fire in a few weeks following strong sanctions from the international community of nations. The conflict may also be suspended soon if Putin and Zelensky can come to an agreement.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks and commodities in your portfolio? Schedule a meeting with us here.

February 23, 2022February 24, 2022

Uncertainty In Gold Price Movement Amid Russia-Ukraine Tensions

Ever since the all-time high for Gold was reached in August 2020 at $2074 per ounce, the bears have been more active in $XAUUSD’s price action. Before the all-time high in 2020, there was high volatility in the price of gold. For example, the lowest price of $XAUUSD in August 2018, August 2019, and August 2020 were $1,160, $1,400, and $1,865 respectively.

Since the all-time high in 2020, the price has maintained a support level at $1,677 even till now. The current resistance level is at $1,917 which has been active since 2021. As at August 2020 when the price of $XAUUSD reached an all-time high, RSI indicated that the price was overbought which possibly was the cause of the price dip at that time.

Since the beginning of 2022, Gold has rallied. This week, Gold hit $1,912, the highest point since the year 2022 began. It isn’t certain that Gold can keep up this rally for much longer as the rally is linked to investors’ panicky response to hedge their investments in precious metals, which are commonly considered to be safe havens during geopolitical crises.

October 15, 2021October 15, 2021

Gold And Silver Prices Are Increasing

Exactly a month ago, an article was written to show the likely possibilities of an increase in the prices of Gold or Silver. Since August 2020, Gold’s price has been on a downward slope from the all-time high of $2076.74. Despite normalcy is almost returned to the world at large with the mass vaccination introduced, prices of Gold and Silver have had lower highs and lower lows in the last year.

For silver, the price reached a new high this year $30.06 per ounce. The last time one ounce of silver cost $30.06 was in December 2012. The demand for metals has increased in the last few years, as more luxury items, gadgets, and equipment are produced globally. Everyone who must have bought gold or silver on the 14th of August 2021 when we wrote the article, must have gained a reasonable amount in their investments.

Both Gold and silver charts have formed an inverse head and shoulders pattern. This could be a strong indication of a bullish run for both metals. The next bullish run could push the price of Gold to $1837 per ounce and that of Silver to $24.809. In September, both Gold and Silver prices had a bull run but could not break the resistance level at $1837 and $24.809 respectively.