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WTI Challenges $80 Again on Strong Economic Data

Experts Predict Gold Prices Could Reach $2,000 By End Of Year

Via AG Metal Miner

The Global Precious Metals MMI (Monthly MetalMiner Index) dropped considerably month-over-month. All in all, the index fell by 8.74%. The market continues to witness bearish pressure on precious metal prices today, just as it did throughout Q1 of 2023. While this led to a significant drop in value, some metals are feeling the effects more than others.

Palladium, for example, continues to struggle to find a support zone as prices continue to fall. Meanwhile, gold, silver, and platinum dropped after rallying in February. Still, despite the month-over-month drop in the index, it should be noted that precious metal prices began rising again between March 1 and March 15. Moreover, precious metal prices today are highly volatile. Therefore, buyers should be wary of possible dead car bounces to come.

Precious Metal Prices Today: Gold

After retracing and pulling back from their February peak, price action showed gold prices bouncing off support zones. Soon after, they rallied back, potentially testing the February resistance. After the SVB failure, metals like gold saw an influx of buy volume. This drove prices back up after the index hit support this month. Some experts predict that gold prices will average $1950/oz with extensions up over $2000 at different periods by end of the year.

Source: TD Ameritrade

Buyers Turning to Silver

Like gold, silver prices began to see an influx of buyer volume, sending prices up from their support zone. In addition to this, prices broke below an uptrend line. This indicated that silver is potentially testing its February high. Moreover, should silver continue rallying and break through the high, the uptrend may continue.

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Source: TD Ameritrade

Precious Metal Prices Today: Platinum

Like gold and silver, platinum prices rebounded after retracing down from their January peak. While the banking crisis is driving the current price action, platinum received a flow of buyer volume. As with the other metals, this then caused a short-term rally. Ultimately platinum prices will continue to trade up until the trend breaks back to the downside below 945.

Source: TD Ameritrade

Palladium Remains the Outlier

Unlike other metals, palladium did not find any support. Although prices rallied in the short term in early March, price action quickly reversed back down. This could signal a continuation of the long-term downtrend. Indeed, prices would need to reverse completely and form a bullish pattern to induce buyer anticipation and a bullish trend.

By Jimmy Chiguil and Jennifer Kary

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