Silver was the headline of the week with its markets all over the place as retailer traders tried to pull a ‘short squeeze.’ The markets remained out of control for the larger part of the week, with traders looking to find stability at the $30 level.

Gold, on the other hand, dipped at the beginning of the week and struggled to break above the $1850 level for the rest of the week. The metal collapsed on Tuesday and remained slumped until Friday, when it posted a slight recovery. The lack of a fresh directional catalyst meant it could not replicate its Monday price figures.

Monday 1^st

The precious metals were off to a bright start on Monday. Gold traded at $1,859.44 USD ($2,423.42 AUD), while silver settled at $28.68 USD ($37.38 AUD) at the end of the first trading session.

Tuesday 2^nd

Both metals lost ground on Tuesday, seeing heavy dips as a result of intense selling pressure. Gold price fell below the $1,850 level settling at $1,838.26 USD ($2,395.81 AUD) after losing 1.14%. The silver markets were no different as the metal plunged 6.25% to $26.89 USD ($35.05 AUD).

Wednesday 3^rd

Despite attempts to see corrective rebounds, neither metal had enough upward momentum to recover. Gold dropped to $1,834.24 USD ($2,390.57 AUD) after a 0.21% drop. Silver lost 0.15% descending to $26.85 USD ($35 AUD).

Thursday 4^th

Gold lost momentum and dropped below $1800, hitting a two-week low of $1,795.05 USD ($2,339.50 AUD) as the US dollar index posted a two-month high.  Silver sank a further 1.94% to $26.33 USD ($34.32 AUD).

Friday 5^th

The metals saw modest price advances following the release of the U.S. January jobs report that came mostly as anticipated. Gold gained 1.06% leaping to 1,814.14 USD ($2364.38 AUD) while silver posted a 2.2% upsurge climbing to $26.91 USD ($35.07 AUD).

Sam Grant

https://www.linkedin.com/in/sammie-grant/