• Price Change UP Icon Gold $2,159.00 +5.00
  • Price Change DOWN Icon Silver $25.02 -0.13
  • Price Change DOWN Icon Platinum $922.00 -21.00
  • Price Change DOWN Icon Palladium $1,046.00 -45.00

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 15, 2024

Gold
Silver
Platinum
Palladium
Monex Closing Price
$2,155.00
$25.15
$946.00
$1,094.00
Price Direction
down $22.00
up $.73
up $13.00
up $34.00
Monex Spot Price Open
$2,177.00
$24.22
$933.00
$1,060.00
Weekly High Price
$2,184.00
$25.41
$959.00
$1,120.00
Weekly High Day
Monday
Friday
Friday
Friday
Weekly Low Price
$2,151.00
$24.03
$917.00
$1,028.00
Weekly Low Day
Tuesday
Tuesday
Tuesday
Tuesday
Support
$2,130.00
$24.80
$910.00
$1,075.00
$2,087.00
$24.30
$887.00
$1,043.00
$2,046.00
$23.82
$865.00
$1,011.00
Resistance
$2,190.00
$25.55
$965.00
$1,125.00
$2,234.00
$26.06
$989.00
$1,159.00
$2,278.00
$26.58
$1,014.0
$1,194.00

Gold

The Monex AM closing price on was $2,155.00, down $22.00 for the week. Monex spot gold prices opened the week at $2,177.00. . . traded as high as $2,184.00 on Monday and as low as $2,151.00 on Tuesday. Gold support is now anticipated at $2,130.00, then $2,087.00, and then $2,046.00. . . and resistance anticipated at $2,190.00, then $2,234.00, and then $2,278.00.

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Silver

The Monex AM closing price on was $25.15, up $.73 for the week. Monex spot gold prices opened the week at $24.22. . . traded as high as $25.41 on Friday and as low as $24.03 on Tuesday. Silver support is now anticipated at $24.80, then $24.30, and then $23.82. . . and resistance anticipated at $25.55, then $26.06, and then $26.58.

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Platinum

The Monex AM closing price on was $946.00, up $13.00 for the week. Monex spot gold prices opened the week at $933.00. . . traded as high as $959.00 on Friday and as low as $917.00 on Tuesday. Platinum support is now anticipated at $910.00, then $887.00, and then $865.00. . . and resistance anticipated at $965.00, then $989.00, and then $1,014.0.

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Palladium

The Monex AM closing price on was $1,094.00, up $34.00 for the week. Monex spot gold prices opened the week at $1,060.00. . . traded as high as $1,120.00 on Friday and as low as $1,028.00 on Tuesday. Palladium support is now anticipated at $1,075.00, then $1,043.00, and then $1,011.00. . . and resistance anticipated at $1,125.00, then $1,159.00, and then $1,194.00.

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

Quotes of the Week

Platinum Bullion

Arslan Ali

3/15 FX Empire
|
Gold, Silver, Copper Daily Forecast: Metals React to Fed’s Rate Path; Buy Today?

“Market Overview
Amidst a climate of stronger-than-anticipated inflation data, gold prices saw minimal movement, hinting at investor wariness ahead of a Federal Reserve meeting poised to address interest rate trajectories.

Contrary to gold’s subdued reaction, copper prices leaped to an 11-month peak, driven by fears of a significant supply crunch in China, underscoring a 1.5% surge to cross the $9,000 per ton mark.

The strengthened dollar further exerted pressure on gold, diminishing its allure against a backdrop of potential hawkish Fed signals and persistent inflation concerns.

Gold Prices Forecast
Gold (XAU/USD) nudged upwards by 0.13%, trading at $2164.705. This slight increase places the precious metal just below its pivotal mark of $2176.79. Looking ahead, resistance levels are observed at $2196.38, $2208.45, and $2223.73, challenging the metal’s upward trajectory.

Support, crucial for sustaining current levels, is firmly established at $2155.55, with subsequent floors at $2142.15 and $2130.66. The 50-day and 200-day Exponential Moving Averages (EMAs) at $2148.94 and $2082.86, respectively, signal a robust underlying trend.

The technical analysis suggests a bullish outlook for Gold above $2155.55, while a dip below this threshold could herald a trend reversal, highlighting the potential for both growth and volatility in the market.

Silver Prices Forecast
Silver’s saw a notable increase, climbing 0.78% to trading at $25.006. This positive movement positions Silver just above its pivot point of $24.88, suggesting potential for further gains. The metal now faces immediate resistance at $25.08, with subsequent levels at $25.29 and $25.48 that may test its ascending trend.

Conversely, support is established at $24.73, with deeper levels at $24.57 and $24.45, ready to underpin any retracements. The 50-day and 200-day Exponential Moving Averages (EMAs) at $24.29 and $23.45, respectively, underscore a solid upward momentum.

The technical outlook for Silver remains bullish above the pivot point of $24.88, indicating room for growth, while a descent below this threshold could signal a reversal, calling for cautious optimism in the market.

Copper Prices Forecast
Copper experienced a notable increase, rising by 0.99% to reach $4.09, showcasing a vibrant momentum in the commodities market. Positioned slightly above its pivot point at $4.08, Copper is hinting at sustained bullish potential.

Resistance is encountered at $4.11, with further ceilings at $4.13 and $4.16, potentially limiting upward movement. Support levels are firmly placed at $4.05, extending down to $4.02 and $3.99, serving as critical junctures to fend off any bearish trends.

The 50-day and 200-day Exponential Moving Averages (EMAs), at $3.96 and $3.88 respectively, provide a strong foundation, indicating an underlying bullish trend. The current technical outlook for Copper remains optimistic above the $4.08 threshold, suggesting room for further growth, while a dip below this marker may signal a need for caution among traders.”

Stacked Coins

James Hyerczyk

3/15 FXEmpire
|
Gold Prices Forecast: Weekly Loss Fueled by Stubborn Inflation, Fed Expectations

“This week’s inflation reports have influenced gold prices, leading to a notable weekly drop for the first time in a month although the market is edging higher on Friday.

At 11:18 GMT, XAU/USD is trading $2166.75, up $4.55 or +0.21%.

Impact of Inflation Data
Gold, an asset that typically doesn’t yield returns, is currently under pressure due to higher-than-expected inflation rates. The U.S. Consumer Price Index (CPI) showed a 3.2% year-over-year increase, while the Producer Price Index (PPI) recorded a 0.6% monthly rise. These figures suggest that the Federal Reserve might maintain elevated interest rates, reducing the attractiveness of gold.

Gold’s Market Outlook
Despite the current downward trend, gold’s prospects for 2024 remain positive, supported by consistent investment and safe-haven demand. Recent profit-taking and market corrections, along with a rebound in the dollar index following strong U.S. economic data, have contributed to gold’s weekly decline.

Investor Sentiment Following Inflation Reports
With inflation rates surpassing forecasts, investors are recalibrating their expectations around the Federal Reserve’s monetary policy. The anticipation around the timing of interest rate reductions adds to the market’s unpredictability. As the Federal Reserve’s next meeting approaches, market participants are keenly observing indicators like the CPI and PPI.

Rate Cut Expectations and Dollar Strength
The probability of a rate cut in June, previously higher, has been adjusted to around 59% following the inflation data. Concurrently, the U.S. dollar index is on track for its most substantial weekly increase since January, potentially making gold more costly for international buyers. Upcoming consumer sentiment and trade price reports are also on investors’ radar.

Short-Term Market Forecast
The immediate outlook for gold prices leans towards a bearish trend due to the strengthening dollar and the likelihood of sustained high-interest rates. Nonetheless, the enduring demand for gold as an investment and a safe-haven asset offers a stable base for its value. Market movements will be heavily influenced by upcoming monetary policy decisions and inflation-related data, which traders should monitor closely.

Daily Gold (XAU/USD)
Gold is in an uptrend, but the current consolidation slightly below its all-time high at $2195.24 suggests it’s at a critical juncture.

On the upside, a trade through $2195.24 will reaffirm the uptrend, but will there be sufficient buyers returning to sustain the move?

On the downside, this week’s low at $2166.50 could be the trigger point for an acceleration. Although this move will not signal a change in trend, it could inflict some serious damage on the chart with plenty of room to the downside and the 50% level at $2089.77 a potential target.”

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