Gold Price AUD
$7289.97

Silver Price AUD
$123.63

Platinum Price AUD
$3078.98

Gold and silver recovery is clearly underway. The recent pullback did what corrections are supposed to do – shake out weak hands and reset positioning – and we’re now seeing buyers step back in with more confidence. Both metals are rebuilding above key moving averages, and silver in particular is showing that typical acceleration once momentum turns.

While bullion firms, equity markets are sending mixed signals.

Microsoft is now approaching a 30% drawdown from its October highs. For one of the pillars of the “Magnificent 7”, that’s not a small move. Much of the speculation centres around AI – not that the technology is slowing, but whether valuations ran ahead of monetisation reality. When stocks price in perfection, even minor doubts can cause sharp repricing.

The S&P 500 is also sitting at an interesting technical level. It’s hovering around its 50 day moving average and looks undecided. A strong push higher would suggest resilience remains intact. A break lower, particularly if tech continues to lag, could open the door to broader weakness. Markets rarely sit quietly at inflection points like this for long.

What makes this moment slightly ironic is that we’re arguably in one of the most significant technological expansions in modern history, yet some of the largest tech stocks are under pressure. Leadership stocks tend to determine broader market direction. If they struggle, confidence across the index often softens with them.

Comparatively, the ASX 200 is positioned much more comfortably. It’s trading well above its 50-day moving average and appears to have recovered cleanly from its recent pullback. Australia’s heavier exposure to banks and resources changes the dynamic, and right now that structure looks more stable.

For bullion investors, this type of environment is constructive. When equity leadership looks uncertain and major indices are sitting on technical fault lines, gold quietly resumes its role as portfolio ballast. Silver, with both industrial and monetary appeal, often amplifies that move once confidence returns.

If US tech weakness deepens, precious metals may continue rebuilding strength at a steady pace. If equities bounce decisively, metals could consolidate – but the underlying repair already looks solid.

Enjoy today’s charts.

Gold daily chart, with 50MDA