Investors are turning to precious metals as a recession safe haven, with gold prices showing upside strength and momentum.
enjoyed its largest month-over-month increase in a year. Between March and April, the index broke out of its tight sideways range and rose by 6.93%. The current talk of the town for precious metal prices today centers around recessionary fears. Indeed, investors are increasingly turning to precious metals, a classic recession safe haven. Due to these investment changes, all silver, platinum, and gold parts of the index either rose or moved sideways with a slight upward movement.
Despite recessionary fears, palladium prices haven’t shown any significant bullish indicators like those seen in other precious metal prices today. Month-over-month price trends did move sideways with slight upward price action. However, this is only short-term. Therefore, palladium remains the outlier on the precious metals family, sticking very close to support zones. Ultimately, price action needs to show a shift to the upside with significant strength to induce a new trend and reverse up.
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