At the end of last month, the US was making progress on trade deals with major economies like Japan and the European Union. This helped strengthen the and led to lower metal prices. This month, the drop in metal prices has slowed down, but there’s still a chance of a bigger market change.
Since there have been few updates on peace talks in Ukraine, this topic might take a back seat for a few days. Investors should pay attention to a speech by Fed Chairman Jerome at the annual central bankers’ conference in . If he hints at the possibility of reducing by at least 0.25% in September, it could weaken the US dollar and boost demand for white metals.
Silver Awaits Clear Direction
prices are currently stuck in a range between $36.50 and $39 per ounce. It’s likely they will continue to move within this range until there’s a clear indication of where they’re headed next. This signal could come from Fed Chairman Jerome Powell’s upcoming speech at the Jackson Hole conference.
The key challenge for silver prices is breaking through the upper limit of the current range. If they surpass this level, it could lead to a push towards the long-term high, just below the important $40 per ounce mark. On the other hand, if prices fall below $36, it might indicate a further drop, with the next target being $35 per ounce.
Platinum: End of Correction?
Similar to silver, is also in a holding pattern, waiting for a move up or down. If prices start to rise, there are two key resistance levels at $1,370 and $1,400. Breaking through these levels would indicate that buyers are gaining control, potentially pushing prices up to the $1,500 mark.
The main support for platinum is around $1,270. If prices fall below this level, it could lead to a push towards the significant $1,200 mark.
Palladium: Awaiting Reversal
Unlike silver and platinum, has been falling since mid-July. Right now, it’s hovering around $1,100, where sellers are putting more pressure on this key support level.
Due to the selling pressure, further drops in palladium prices seem more likely. If prices break below the current support, they may fall to $1,040 and then $1,000. However, if the support holds and prices rise above $1,180, it could signal a return to an upward trend with targets above $1,200.
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