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How Long Will the Gold Rally Last?

  • Gold and silver prices surge as investors flock to purchase bullion.
  • Palladium stays within its trading range, while platinum prices do not create new highs.
  • Silver prices experience strong bullish momentum, breaking through 2023 highs.
Gold Bar

Via Metal Miner

Month-on-month, the Global Precious Metals MMI (Monthly Metals Index) rose by 8.25%. However, shortly after April 1, precious metal prices, particularly gold and silver, began surging as investors flocked to purchase as many gold bullions as possible. The reasons for this newfound “gold rush” include inflation hedging, anticipation of interest rate cuts, and geopolitical uncertainty. Indeed, these factors continue to send investors flocking to the classic precious metals safe haven. But just how long will the rally last?

Global precious metals MMI, April 2024

Palladium Stays Within Trading Range

Palladium failed to reach price levels when testing previous significant resistance levels, including the highs from December 2023. Although the price did edge slightly higher, it did not break out of range or trend to indicate any strong bullish momentum. And while the current trend is within range, volatility is likely due to continue given ongoing global tensions.

Palladium prices, April 2024

Precious Metal Prices: Platinum

Unlike other precious metals, platinum prices did not create new highs. Although the price experienced bullish momentum at the end of Q1 going into Q2, it did not break through its range and create the significant new highs needed to indicate a reversal. As with other precious metal prices, current global tensions may increase volatility.

Precious metal prices: Platinum

Silver Prices Experience Rally

Silver prices experienced strong bullish momentum in recent monthly price action. Typically, silver volatility increases along with geopolitical tensions. As the price breaks through 2023 highs, a possible test of the February 2021 highs seems likely. As with gold, silver prices continue to form higher lows and highs, indicating a strong uptrend. However, volatility remains a chief concern.

silver prices as of April 2024

Precious Metal Prices: Gold

In recent weeks, gold prices both broke new highs and created a new range. As prices continue to form higher lows due to geopolitical tensions and rising conflict across the globe, market participants may expect a rise in volatility. With prices breaking above 2020 levels amid bullish momentum, a possible continuation to the upside remains likely.

Precious metal prices: gold

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By the Metal Miner Team 

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Leave a comment
  • Mamdouh Salameh on April 22 2024 said:
    It will last for as long as the dollar's value is continuing to decline and until the United States stops printing fiat dollars, withdraw the trillions of dollars in circulation outside the US and devalue the dollar by one third to one half of its current value.

    However, I suspect that the United States will rather start a war against both China and Russia than mend its ways.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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