Silver and platinum hint that gold would not break out to the upside. The first quarter of 2017 as it ends, had silver with a 14.5% gain on the year, and platinum was around 5.2%. As of April 26, silver moved lower to be set around $17.50 per ounce level and platinum was up to around $10 from its March 30 close.
Some of the highlights include, silver violating its short-term support and the need to hold mid-March lows and platinum not making the $1000. Also, included are platinum and silver being historically weak versus gold and watching these metals for feelers on the precious metals sector.
Silver and platinum are considered as industrial precious metals, and as silver attracts speculative interest in the precious metals sector during the bull and bear markets, the action in terms of price in platinum in the recent years has been less exciting. Recently the precious white metal – silver hit its highest level for this year and was set at $18.725 per ounce, and platinum attempted a rise to the $1000 level. The attempt fell short and platinum was set at $993. It was since then that the precious metals declined from their 2017 high-points and the drops preceded that of gold.
It is observed that the precious metals tend to move together, especially observed in cases of the prices of gold and silver. But, silver and platinum hinted at gold running out as it failed to climb the $1300 per ounce level. The prices of all the three precious metals, since then have corrected lower.
The white precious metal tends to be the most volatile and over the past eight sessions it has been steadily set to lower. According to the daily chart of COMEX silver futures highlights a decline from its all-time highs. This projects that some longs are heading for a close as silver has not been able to maintain its upside momentum which seemed to have ended on April 17.