• Price Change UP Icon Gold $2,231.00 +41.00
  • Price Change UP Icon Silver $24.95 +0.39
  • Price Change UP Icon Platinum $915.00 +11.00
  • Price Change UP Icon Palladium $1,026.00 +25.00

Precious Metals Review

Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver, platinum and palladium news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.
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Week of March 28, 2024

Gold
Silver
Platinum
Palladium
Monex Closing Price
$2,216.00
$24.78
$914.00
$1,027.00
Price Direction
up $41.00
up $.07
up $3.00
up $1.00
Monex Spot Price Open
$2,175.00
$24.71
$911.00
$1,026.00
Weekly High Price
$2,223.00
$24.89
$917.00
$1,039.00
Weekly High Day
Thursday
Thursday
Monday
Monday
Weekly Low Price
$2,170.00
$24.34
$893.00
$980.00
Weekly Low Day
Tuesday
Tuesday
Wednesday
Wednesday
Support
$2,170.00
$24.35
$885.00
$990.00
$2,127.00
$23.86
$863.00
$960.00
$2,084.00
$23.39
$841.00
$931.00
Resistance
$2,225.00
$25.05
$945.00
$1,080.00
$2,270.00
$25.55
$969.00
$1,112.00
$2,315.00
$26.06
$993.00
$1,146.00

Gold

The Monex AM closing price on was $2,216.00, up $41.00 for the week. Monex spot gold prices opened the week at $2,175.00. . . traded as high as $2,223.00 on Thursday and as low as $2,170.00 on Tuesday. Gold support is now anticipated at $2,170.00, then $2,127.00, and then $2,084.00. . . and resistance anticipated at $2,225.00, then $2,270.00, and then $2,315.00.

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Silver

The Monex AM closing price on was $24.78, up $.07 for the week. Monex spot gold prices opened the week at $24.71. . . traded as high as $24.89 on Thursday and as low as $24.34 on Tuesday. Silver support is now anticipated at $24.35, then $23.86, and then $23.39. . . and resistance anticipated at $25.05, then $25.55, and then $26.06.

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Platinum

The Monex AM closing price on was $914.00, up $3.00 for the week. Monex spot gold prices opened the week at $911.00. . . traded as high as $917.00 on Monday and as low as $893.00 on Wednesday. Platinum support is now anticipated at $885.00, then $863.00, and then $841.00. . . and resistance anticipated at $945.00, then $969.00, and then $993.00.

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Palladium

The Monex AM closing price on was $1,027.00, up $1.00 for the week. Monex spot gold prices opened the week at $1,026.00. . . traded as high as $1,039.00 on Monday and as low as $980.00 on Wednesday. Palladium support is now anticipated at $990.00, then $960.00, and then $931.00. . . and resistance anticipated at $1,080.00, then $1,112.00, and then $1,146.00.

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Will Silver Reach Record Highs like Gold?
Sean Brazney & Jeffery Christian |
March 8, 2024

Quotes of the Week

Stacked Coins

James Hyerczyk

3/28 FXEmpire.com
|
Silver Prices Forecast: Gains Capped by Rising Yields, Strong Dollar

“Silver prices remained steady on Thursday, influenced by Federal Reserve Governor Christopher Waller’s remarks regarding interest rate policies. Waller’s guarded approach towards rate adjustments, coupled with upcoming U.S economic data, has captured the attention of the market. The release of the PCE Inflation Index on Friday is especially critical, offering insights into the Fed’s strategy for inflation management.

At 11:03 GMT, XAG/USD is trading $24.65, down $0.01 or -0.01%.

Silver Price Movement
Silver prices have been confined within a tight range this week, yet show potential for an upward shift. Surpassing $25.78 will negate last week’s bearish reversal, making $26.00 an easy target. This trend is underpinned by support at $24.00, spurred by speculations around the Federal Reserve’s policy direction.

Treasury Yields and Monetary Policy Effects
U.S. Treasury yields have risen as investors mull over the future course of interest rates. Waller’s indication of possibly extended high rates for inflation control has significant implications. The bond market’s response, along with incoming inflation data, will be crucial in determining the Fed’s upcoming decisions.

US Dollar Strength
The U.S. Dollar has strengthened post-Waller’s comments, gaining ground against major currencies. This development, reflecting a recalibrated market outlook for a June rate cut, has bolstered the dollar index. Upcoming inflation figures will be a key influencer of the dollar’s path and could modify current market expectations regarding rate cuts in 2024.

Federal Reserve’s Policy Approach
The Federal Reserve, as represented in Waller’s statements, is pursuing a cautious policy regarding interest rate adjustments. While the prospect of rate cuts exists, their timing and scale depend on forthcoming economic data, with a focus on inflation. The Fed’s strategy is to maintain a balance, steering clear of premature rate reductions that could trigger inflationary
pressures.

Short-term Market Outlook
The silver market presents a bullish stance in the short term, provided $24.32 holds as support. However, it lacks the strong central bank demand that is boosting gold prices.

The expectation of pivotal economic reports and the Federal Reserve’s restrained stance on rate cuts are poised to support silver prices. Investors should closely track U.S. economic updates and Federal Reserve communications. The U.S. dollar’s performance and Treasury yield trends will be instrumental in shaping the near-term direction of the silver market. If both continue to strengthen, silver prices are likely to be capped.”

Sybilla Gross and Jack Ryan

3/26 Bloomberg.com
|
Gold Steadies After Three-Day Gain as Key Inflation Data Looms

“Gold extended a rally that brought it close to last week’s record, as UBS analysts said the precious metal’s surge faces diminished fundamental support.

Prices jumped as much as 0.9% on Thursday, following three successive days of gains. The metal has seen pronounced volatility this week, with advances lacking any obvious news triggers.

“Questions remain about the metal’s near-term trajectory as the headwinds of higher interest rates, low equity volatility, and a strong US dollar have not managed to unsettle the rally,” UBS analysts Wayne Gordon and Giovanni Staunovo wrote in a note.

A key US inflation gauge due for release on Friday will provide a test for this week’s rally. The data is expected to show price growth probably remained uncomfortably high in February, which could hinder plans by US policymakers to implement three interest rate cuts this year. Higher rates are typically negative for the non-interest bearing precious metal.

Fed Governor Christopher Waller on Wednesday supported the argument for delayed or fewer cuts this year, calling for “at least a couple months of better inflation data” before pivoting to lower borrowing costs. Swaps markets have trimmed wagers for a rate reduction in June to 57% from 69% late last week.

Meanwhile, bullion has seen some support from falling yields on US Treasuries, driven by strong results at two auctions for five- and seven-year notes on Tuesday and Wednesday, respectively.

Spot gold rose 0.6% to $2,207.85 an ounce by 11:40 a.m. in London. The Bloomberg Dollar Spot Index was up 0.2%. Silver edged lower, platinum was little changed, while palladium advanced moderately.”

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