The ZEMA graph shows gold and silver daily prices as traded on CME in January – March 2016. The orange line represents COMEX 100 Gold (USC/toz), the blue line is COMEX 5000 Silver (USC), the yellow line indicates the gold 7-day moving average, and the green line represents the silver 7-day moving average.
In February 2016, both precious metals experienced a remarkable recovery after an extended bearish position in year 2015 created by a stronger dollar and higher US real interest rates.
Between mid-February and March, prices mostly flattened out with some continued lifting up. Gold and silver holding their bullish levels strongly in comparison to most other commodities, are likely an indicator of the investors’ concerns over the global markets, interest rates, and unstable stock markets.