Where Are Global Precious Metals Prices Heading?

Via Metal Miner

The Global Precious Metals MMI (Monthly Metals Index) showed slight upward price action month-over-month, rising by 2.57%. Despite this, the overall trend of the index held sideways. In terms of specific precious metal prices, platinum and silver experienced upward price action through May before retreating back into range at the beginning of June. This served to pull the index down. Meanwhile, gold and palladium remained sideways. All of this together held the index firmly horizontal.

At the moment, uncertainty remains within many precious metal markets as to long-term trends.

Precious metals prices.

Precious metals prices.

Palladium Prices Remain Sideways

Palladium prices have traded in a sideways range since the start of Q2. After prices failed to breach their March 2024 high, the trend quickly reversed and declined back toward February 2024 levels. Price would need to break above the March high to establish an uptrend. Should prices continue to trade sideways, palladium markets will remain uncertain.

precious metal prices: palladiumprecious metal prices: palladium

precious metal prices: palladium

Source: TD Ameritrade

Precious Metal Prices: Platinum

Like other precious metals, platinum prices declined back into range after breaking out to the upside in late May. After breaking through the April swing high, prices quickly reversed and declined back to Spring 2024 levels. Meanwhile, recent price action shows a short-term uptrend, which could signal a potential reversal to the upside. Should prices continue in this direction, it would confirm a higher low and push prices back to the upside.

platinum prices, June 2024platinum prices, June 2024

platinum prices, June 2024

Source: TD Ameritrade

Silver Prices Lack Bullish Price Action

Silver markets edged lower after reaching a peak in late May. As prices continue to form lower highs in the short term, price action will expectedly decline, as there is no real bullish momentum driving prices into an upside reversal pattern. Uncertainty remains in this market as the current trend does not indicate either bullish or bearish sentiment.

silver precious metal prices, June 2024silver precious metal prices, June 2024

silver precious metal prices, June 2024

Source: TD Ameritrade

Precious Metal Prices: Gold

As gold prices begin to come off their all-time high peak, price action has now formed lower highs, which could indicate potential downside reversals for gold in this upcoming quarter. The current trend will likely trade within its range until bullish or bearish momentum drives gold markets into new highs or causes them to break new lows.

Story continues

Gold prices, June 2024Gold prices, June 2024

Gold prices, June 2024

Source: TD Ameritrade

By the Metal Miner Team

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