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Metal Miner

Metal Miner

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Precious Metals Markets Slide Sideways

  • Gold prices rallied to new highs in Q1 2024 but are now trading sideways.
  • Silver prices retraced after breaking through their December 2023 high.
  • Platinum prices pushed further above their long-term resistance zone and are showing bullish momentum.
Gold

Via Metal Miner

The Global Precious Metals MMI (Monthly Metals Index) slowed its upward price action and moved sideways from April to May. All in all, the index only rose by 2.38%. Among precious metal prices, gold remains at historically high levels, while silver and palladium prices trended more sideways month-over-month.

Precious metal prices and index from April to May of 2024.

Precious Metal Prices: Gold

Gold prices rallied to new highs in Q1 2024. However, more recent price action drove gold prices into a sideways range after a swing low formed near $2277/oz. Gold prices need to break above their current swing high of just under $2400 to continue their uptrend. However, if the current price continues to trade sideways, uncertainty and risk to the downside may become apparent.

gold precious metal prices

Source: TD Ameritrade

Silver Prices Retract Before Rising Again

Like gold, silver markets retraced and formed a swing low near $26/oz. This came after prices broke through their December 2023 high in Q1. With prices retracing from their newly formed swing high, current price action is now within range. This continues to create uncertainty and possible downside risk for investors and traders. The market will likely continue sideways with uncertainty until prices find traction.

silver prices, May 2024

Source: TD Ameritrade

Precious Metal Prices: Platinum

Platinum prices pushed further above their long-term resistance zone at 1020/oz. Current price action shows platinum creating a new swing high above its current April peak, which demonstrates that bullish momentum continues to build. As platinum prices continue to rise, traders and investors may remain cautious of any retracement or possible rejection.

Platinum prices, May 2024

Source: TD Ameritrade

Palladium Prices Remain Sideways

Unlike other precious metals, palladium markets failed to show any signs of displacement or strong manipulation to the upside. The current trend is still within a sideways market, as the index has yet to break the March 24 high. Meanwhile, price action would need to continue up and form higher highs and lows to establish a direction. As of now, current markets for palladium are uncertain and unclear in terms of market bias.

Palladium prices, May 2024

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Source: TD Ameritrade

By the Metal Miner Team

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