Key Points:
● Precious metals are showing relative strength
● Gold price has broken out to the upside again
● Silver has catch-up potential
● Platinum and palladium successfully complete bottom formation
Where is the money flowing? Gold & Co. on the winning side
Commodities are not necessarily favored by investors at the moment. However, there is one exception: precious metals. Gold, silver & Co. are in demand again. This is clearly visible in the Absolute Performance Matrix of the four US commodity indices. Only the mentioned precious metals are found in the second quadrant. Over the last four weeks and three months, gold & Co. have shown positive performance and thus remain in an upward trend. Energy commodities are not on investors’ shopping lists due to ongoing economic concerns.
Gold price – And again, the next buying signal
After a short pause, the gold price continues its recent record chase. Recently, the yellow metal held in a tight trading range, which has been successfully breached to the upside. The double height of the trading zone was used to determine the price target. Accordingly, there is further upside potential up to 2,650 USD. The stop loss could be placed just below the bottom of the trading range at 2,471 USD and the rising exponential 50-day average, currently at 2,467 USD.
Gold price chart on a daily basis
Silver price – Still plenty of catch-up potential
From a technical chart perspective, the silver price is also interesting. After reclaiming the psychological mark at 30.00 USD, the downward trend has now also been overcome. The next targets on the upside are the two falling highs at 31.76/32.52 USD. As a precaution, the stop loss should be placed just below the recent low at 27.69 USD.
Silver price chart on a daily basis
Platinum price – The worst is over
The times of steadily falling prices for platinum seem to be a thing of the past, at least for now. Recently, the upper boundary of the trading range at 981.30 USD was overcome. Prior to that, the 38.2% Fibonacci level at 974.80 USD was reclaimed. However, there is one problem. The psychological mark at 1,000 USD must still fall. Only then could the last Fibonacci resistance (61.8%) at 1,020.30 USD be targeted.
Platinum price chart on a daily basis
Palladium price – Bottom formation successful
The palladium price also seems to have emerged from the worst. With the jump above the 23.6% Fibonacci retracement at 1,015 USD and the upper limit of the trading range at 1,049 USD, the bottom formation was successfully completed. Now, the falling high at 1,119 USD as well as the 38.2% Fibonacci level at 1,137 USD could be targeted. The stop loss could be placed below the recent low at 897 USD.
Palladium price chart on a daily basis
