• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 13 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Metal Miner

Metal Miner

MetalMiner is the largest metals-related media site in the US according to third party ranking sites. With a preemptive global perspective on the issues, trends,…

More Info

Premium Content

Recession Fears Could Send Precious Metals Higher

  • Recession fears could fuel a bullish rally in precious metals.
  • Palladium prices could reverse to the upside and seek relief by moving back toward the $2,000 level.
  • While gold has faced some bearish pressure in recent years, renewed economic fears could lift the precious metal higher as investors turn to safe haven assets.
Precious Metals

Via AG Metal Miner 

 

The Global Precious Metals MMI (Monthly MetalMiner Index) traded upwards by 3% as precious metal prices advanced. Gold, silver, and palladium all began a rally coming into 2023. However, that rally has solid potential for both a short and long-term downturn. The surge in the index price was mainly due to silver and gold bullions rising more steeply than palladium, which was the only outlier. After dropping steadily since November of 2022, it currently shows signs of turning upward. But with recession fears building once again, investors continue to turn to precious metal investments.

Precious Metal Prices: Palladium

Palladium’s trend changed entering November 2022, as prices broke through short-term resistance. Strong rallies are typically formed by a number of thresholds, and daily support is one of them. Therefore, it seems possible prices could reverse to the upside and seek relief by moving back toward the $2,000 level.

Platinum Could Turn Upward

Platinum began to form a resistance zone when prices broke down and created new highs in March 2022. Like other precious metal prices, platinum fell and rose multiple times over the remainder of 2022. This generated a lot of market volatility. And as platinum reaches resistance zones, prices remain susceptible to downturn risks.

Precious Metal Prices: Silver

Once silver price action began to show displacement to the downside (meaning strong declines), it broke through the prior lows established back in March of 2022. This signaled to many that the index was forming a long-term resistance.

In November 2022, prices began to show short-term bullish strength. However, buyers should remain wary. Considering where resistance currently sits, prices are still subject to an overall decline in the long term. A strong break above the April 2022 resistance would likely create a new trend.

Gold Prices Projected to Turn Downward

In May 2022, price action shattered short-term support levels, creating a solid downtrend. This put seller resistance in an excellent position to pressure bullish rallies like the ones we’re currently seeing.

The downtrend broke in November 2022, which established a new short-term trend. This included a strong rally right up to long-term resistance levels. That said, a short-term bearish reaction could still occur. Indeed, a reversal isn’t out of the question, given long-term resistance pressure.

By Jimmy Chiguil and Jennifer Kary

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on January 20 2023 said:
    *"recession fears could cause hyperinflation and 90% unemployment"* and has indeed done that Historically here in the United States twice in point of fact.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News