Gold prices are down -1.85% in the last 7 days from $1,896/oz to $1,861/oz at the time of writing. The yellow bullion experienced highs of $1,905/oz and shortly after fell to its lowest price in 4 weeks of $1,846/oz.
Silver, contrary to gold, is up this week. The white metal started its last Wednesday at $27.74/oz and increased to $27.86/oz at the time of writing, 1 week later. This represents an increase of 0.41%. Silver experienced highs of $28.43/oz and lows of $27.52/oz.
Platinum prices are down overall. The industrial metal dropped from $1,163/oz 7 days ago to $1,149/oz today demonstrating a -1.20% loss. Platinum continues its constant downtrend from the 10th of May where it was at a high of $1,278/oz, meaning the metal has lost -10.09% of its value in 5 weeks.
Palladium was the biggest loser this week as it saw its prices drop from $2,818/oz last Wednesday to $2,764/oz at the time of writing. Its value loss a substantial -1.91% as it experienced highs of $2,823/oz and lows of $2,740/oz, its lowest price in 3 weeks.
Rhodium, after losing more than -25.35% of its value within the last month, finally sees upward movement this week. The metal gained a whopping 8.49% since last Wednesday as it saw its prices move from a low of $21,200/oz to $23,000/oz at the time of writing.
Gold along with most precious metals experienced a significant drop during the Wednesday/Thursday trading sessions as expectations rose around the US Federal Reserve’s timeline to scale back asset purchases during the FOMC meeting. The debate centered around the time and place to remove the US$120 billion per month bond purchases.
The US inflation rate has risen faster than expected and the Fed is rethinking its monetary policy of ‘near zero rates’ and the massive monthly bond purchases. With higher prices, the US is still short of 7.5 million jobs of where it was in early 2020.
The US Dollar Index and the 10-Year Treasury yield rose following the rumors and hints while the yellow bullion lost more than 2%.
GOLD (6 months)
Source: Tradingview; COMEX
Silver may very well face the same fate as gold. On technical side, the July silver bulls still hold the overall short-term technical advantage. Despite this, there’s a 9 week old uptrend on the uptrend on the daily bar graph that has been challenged. Bullish investors of silver’s next upside price target would be closing prices above a solid technical resistance at the highest price during May of $28.90/oz. On the other hand, the next downside target for bears would be to close prices below the solid support at $26.00/oz.