KUALA LUMPUR (March 23): Some experts have predicted that gold prices will average US$1,950/oz with extensions up over US$2,000 at different periods by end of the year, according to AG Metal Miner.
In a report on Wednesday (March 22), the largest metals-related media site in the US said the Global Precious Metals MMI (Monthly MetalMiner Index) dropped considerably, month over month.
It said that all in all, the index fell by 8.74%, and the market continues to witness bearish pressure on precious metal prices at present day, just as it did throughout 1Q of 2023.
The publication said while this led to a significant drop in value, some metals are feeling the effects more than others.
It said that palladium, for example, continues to struggle to find a support zone as prices continue to fall.
Meanwhile, gold, silver, and platinum dropped after rallying in February.
Still, despite the month over month drop in the index, it should be noted that precious metal prices began rising again between March 1 and March 15.
Moreover, precious metal prices at present day are highly volatile.
Therefore, buyers should be wary of possible dead cat bounces to come.
Gold
Metal Miner said after retracing and pulling back from their February peak, price action showed gold prices bouncing off support zones.
Soon after, they rallied back, potentially testing the February resistance, it said.
Silver
Like gold, silver prices began to see an influx of buyer volume, sending prices up from their support zone. In addition to this, prices broke below an uptrend line, indicating that silver is potentially testing its February high.
Moreover, should silver continue rallying and break through the high, the uptrend may continue, the report said.
At the time of writing, gold was traded at US$1,971.09/oz.