Silver outperformed gold once again as the latter faced a lot of pressure in its recovery path. Metal traders gave gold the cold shoulder and focused their attention on silver that made headlines. A positive move in Gold prices remained a rarity throughout the week, making the yellow metal retreat to the market’s back seat.

Monday 15^th

Gold endured a dull trading session on Monday, exchanging hands at $1,818.82 USD ($2,297.53 AUD) – a price figure it neither touched again nor surpassed for the rest of the week. Silver broke above the resistance at $27.50 and tried pushing for $27.75, eventually settling at $27.59 USD ($34.85 AUD)

Tuesday 16^th

Both metals recorded negatives on their previous day’s prices. Gold’s price tumbled 1.57% to $1,790.32 USD ($2,261.53 AUD). Silver lost 1.52% dropping to $27.17 USD ($34.32 AUD).

Wednesday 17^th

Gold dropped even further on account of the flourishing Bitcoin, giving up 0.77% to hit a week low of $1,776.59 USD ($2,244.19 AUD). Bitcoin recorded another high north of $50k on Wednesday to stay ahead of gold as a better stimulant asset. Silver turned things around, moving 0.7% higher to $27.36 USD ($34.56 AUD).

Thursday 18^th

Gold had a quiet session on Wednesday, gaining $0.2 to $1,776.79 USD ($2,244.44 AUD). Silver price, on the other hand, fell by 1.35% to $26.99 USD ($34.09 AUD).

Friday 19^th

The precious metals gained ahead of the weekend. Gold recorded a 0.42% increase that drove its price to $1,784.19 USD ($2,253.79 AUD). Silver’s attempt to climb above the resistance range at $27.50 was futile. The metal settled at 27.28 USD ($34.46 AUD) following a 1.07% upswing.

Sam Grant

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