Via Metal Miner
Once again, the Global Precious Metals MMI (Monthly Metals Index) failed to exhibit strong bearish or bullish pressure. The index remained sideways throughout February, budging down a mere 0.65%. Despite this, some bullish pressure did seep into precious metal prices at the beginning of March, when numerous precious metals began to rally. Gold prices, in particular, shot up, likely due to the weakening of the DXY (U.S. dollar index).
At this time, precious metal investors should remain cautious about purchasing precious metals, as these rallies could cool down.
Precious Metal Prices: Palladium
Palladium markets experienced more bullish momentum. However, prices have not formed a higher high in the short term. Over the past month, palladium prices shifted to more bullish pressure and formed a higher low, driving current prices above their Q1 highs to over $1,000/oz.
Platinum Prices on the Rise
Like other precious metals, platinum markets rose more over the past month as bullish momentum pushed prices out of their short term range.
Related: Forgotten Gas Reserves Could Be A Gamechanger For European Energy
That said, prices would need to continue with bullish strength to indicate a bullish outlook as markets are still within a long term sideways trend.
Precious Metal Prices: Silver
Silver markets appeared to shift bullish this month as new highs formed. After reaching a higher low, the trend for silver markets continued up toward the $25/oz level.
Related: The No.1 Energy Stock for 2024
However, though bullish momentum continues to drive prices into an uptrend, volatility will remain.
Gold Prices Rally
Gold prices previously appeared to trade within a range after peaking in late 2023. This month, prices reached new highs, ultimately surpassing $2,150/oz. This shifted the overall market bullish once again. Indeed, gold continues to create newer highs, driving prices into a continuation to the upside. However, as prices remain at historically elevated levels, volatility is to be expected.
ADVERTISEMENT
Source: TD
By the MetalMiner Team
More Top Reads From Oilprice.com:
- Rising Gasoline Prices Bring Bad News for Biden
- The U.S. Is Betting Big on Small Nuclear Reactors
- Shell Focuses on Investor Returns as Climate Goals Take a Backseat
