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Will The Bullish Momentum In Gold And Silver Markets Continue?

  • Precious metal prices have experienced a temporary rally, though it remains uncertain if this will continue due to potential interest rate hikes and the possibility of resistance zones applying bearish pressure.
  • Unlike other precious metals, palladium markets have seen a consistent decline, although July saw a slight increase, potentially indicating a bullish market for palladium.
  • Despite the rise in prices for gold, silver, and platinum since the start of July, there is uncertainty whether this trend will continue, as there are signs of bearish pressure and potential price pullbacks on the horizon.

Via AG Metal Miner

Precious metal prices (especially silver) began a brief rally on July 12 before retreating again. Whether or not the bulls are here to stay is a question up for debate. Many remain optimistic that gold prices will continue upward until the end of 2023. However, gold and other precious metals markets still face some bearish pressure. As the USD dropped, precious metals became more affordable for investors. However, many are still expecting another interest rate hike from the hawkish Fed, which is dampening the optimism of the bulls.

Between June 1 – July 1, prices of precious metals fell somewhat drastically, which ultimately pulled the index down. The Precious Metals MMI (Monthly Metals Index) fell by 6.71% month-over-month.

Precious Metal Prices: Palladium

Unlike other precious metals, palladium markets have been in consistent decline over the past year. In July, prices increased slightly in comparison to the overall downtrend within 2023. Upward momentum followed by confirmation to the upside will support a bullish market for palladium.

Platinum Markets on the Rise in the Short-Term

Like gold, silver and other precious metal prices (except palladium), platinum markets have increased in price since the start of July. However, with platinum, it is unclear whether or not this bullish momentum will continue. Minor pullbacks in trend may occur. However it is not enough evidence to confirm a true reversal to the downside.

Precious Metal Prices: Silver

Silver managed to rise more than any of the other precious metal prices throughout early and mid July. Similar to gold, silver displays bullish momentum in the short-term. However, it remains unclear if silver will continue this upward price movement considering prices are nearing resistance zones. This could increase bearish pressure on silver markets. Pullbacks appear likely to occur in the event of a rejection in price.

Gold Bulls Come In, but Will They Stay?

Although gold prices have been in a rally since the start of July, showing bullish strength and consistent upward momentum, gold prices are now near resistance zones. This could apply bearish pressure. However, market trend for gold prices appear upward. Bearish price action could drive prices back down in the event of a pullback.

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By Jennifer Kary

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