Global Precious Metals MMI: Investors Trade Cash for Cold, Hard Gold

The Global Precious Metals MMI (Monthly Metals Index) enjoyed its largest month-over-month increase in a year. Between March and April, the index broke out of its tight sideways range and rose by 6.93%. The current talk of the town for precious metal prices today centers around recessionary fears. Indeed, investors are increasingly turning to precious metals, a classic recession safe haven. Due to these investment changes, all silver, platinum, and gold parts of the index either rose or moved sideways with a slight upward movement.

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Palladium Remains the Precious Metals Outlier

Unlike the rest of the precious metals, palladium has shown no signs of bullish strength for a while. In fact, both short and long-term outlooks for palladium continue to show downward trends. Price action within this market would need to show displacement to the upside. This would help form the short-term bullish structure needed to eventually drive longer-term trends. But until prices begin to shift up in the short term, palladium markets will continue to be driven to the downside, attempting to find supports.

Despite recessionary fears, palladium prices haven’t shown any significant bullish indicators like those seen in other precious metal prices today. Month-over-month price trends did move sideways with slight upward price action. However, this is only short-term. Therefore, palladium remains the outlier on the precious metals family, sticking very close to support zones. Ultimately, price action needs to show a shift to the upside with significant strength to induce a new trend and reverse up.

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Precious Metal Prices Today: Platinum

Unlike gold and silver, platinum prices do appear to be trading up in the short term. However, they also lack the significant long-term strength demonstrated by gold and silver. Indeed, price action continues to trade within a range in the medium-long term. Therefore, platinum would need to show bullish displacement to the upside above resistances for a breakout. This would create an identifiable direction within platinum, as the trend currently remains sideways.

Silver Remains Bullish

Similar to gold, price action continued to show bullish strength and momentum to the upside in recent weeks. That said, silver prices appear to be pressured by significant seller resistance. Silver would therefore need to find significant support and break out through resistances for uptrend continuation.

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Precious Metal Prices Today: Gold

Price action for gold shows upside strength alongside bullish momentum, driving prices near historical resistances. Though seller pressure from all-time highs continue to weigh prices down, gold always seems to find support in the short term. This is the main reason for the continue uptrend seen in recent weeks. Should prices continue to break out, gold may potentially seek a new all-time high. However, it is important to closely monitor dollar Index prices as it serves as another main driver in commodities.

Global Precious Metals MMI: Notable Price Trends

• U.S. palladium bars increased by 5.41%, bringing prices to $1,494 per ounce.
• U.S. silver bars spiked by 14.46%, leaving prices at $23.90 per ounce.
• U.S. platinum bars also moved up, this time by 3.46%. Prices sat at $987 per ounce.
• Finally, U.S. gold bullions went up in price by 8.41%. As of April 1, prices hit $1980.50 per ounce.