Gold prices maintained their recent uptrend for the third consecutive quarter, rising by 3.91% or $87.55/oz in Q2. As we transition into Q3 2024, our system indicates that Gold retains its cyclical uptrend, with the bulls firmly in control. There is potential for a move to test the strength of supply at the $2,450/oz level, representing the 2024 year high for Gold.
Silver prices also surged throughout Q2, climbing 16.26% or $4.07/oz, marking its third consecutive quarter increase. Looking ahead to Q3 2024, our system shows that Silver prices will continue their strong performance to the upside. The bulls have identified a target at $32.50/oz, mirroring the peak in Silver for 2024.
Our system suggests that, should the precious metals market maintain its uptrend this quarter, Silver may exhibit stronger performance compared to Gold.
Platinum prices closed Q2 with a sharp increase of $85.26 or 9.36%, yet it remains within the range of $850/oz to $1,100/oz that has persisted since Q3 2021. Moving into Q3 2024, our system projects that Platinum prices will remain within this range but with a bias towards the downside. The bears are eyeing a target at $895/oz, reflecting the quarter low for Platinum during the last quarter.
Please feel free to contact us if you require additional information or have any further questions regarding our Q3 outlook for precious metals. We are always here to assist you and wish you a successful trading experience!
