Via Metal Miner
The Global Precious Metals MMI (Monthly Metals Index) maintained a sideways trend once again, this time moving up only 2.07%. That said, the overall future for precious metals prices brightened recently. For example, through October, gold increased around $150 per ounce. However, there were several variations in the prices of precious metals between October 1 and November 1. Numerous factors, including macroeconomic conditions, central bank policies, and geopolitical tensions, significantly impacted these variations.
Unlike other precious metals prices, palladium dropped quickly once the conflict in the Middle East began earlier last month. Analysts currently observe palladium prices forming new lower lows while also failing to reverse to the upside. This means the trend is currently bearish and will remain uncertain for any buyers who wish to participate in this market.
Source: TD Ameritrade
Meanwhile, platinum prices remained generally unaffected by the conflict in the Middle East. Indeed, prices remain sideways, with no real strength to either side. Currently, the overall market direction for this metal remains unclear and uncertain.
Source: TD Ameritrade
Although prices jumped rapidly due to the conflict in the Middle East, gold price action seems to be forming a sideways trend as historical resistance levels continue to pressure prices. With prices currently trading below the recently formed high, the overall price trend appears neither bullish nor bearish.
Source: TD Ameritrade
Unlike gold, silver prices have yet to breach prior highs with any significant strength. Although they did manage to break the September 2023 high, prices failed to confirm a bullish breakout. Meanwhile, price action has not continued to the upside. As bearish pressure from historical resistance levels continues to weigh on silver, the index could enter a sideways trend. Ultimately, the overall price direction remains unclear.
Source: TD Ameritrade
By The MetalMiner Team
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