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- Falling US dollar and tariff-driven uncertainty continue to fuel strong momentum in white metals.
- Palladium leads the rally, but trendline support near $1,280 remains a key level to watch.
- Silver eyes a breakout above $40, while platinum stabilizes after testing support near $1,450.
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The white metals market is firmly in an uptrend. This trend began around early April, after Donald Trump announced “Liberation Day” — a broad set of tariffs aimed at many of the world’s economies.
One of the main drivers behind the buying momentum is the falling US Dollar, which usually supports demand for metals. That trend is visible here too.
While some trade deals have been made recently — with countries like China, Japan, and the Philippines — investors remain cautious because of the unpredictable nature of US policy. This uncertainty continues to weigh on confidence in the dollar.
Let us now look at what trading opportunities this ongoing rally might offer from a technical point of view.
Palladium’s Uptrend Picks Up Momentum
Strong demand in the first half of July gave a fresh boost to palladium prices, pushing them above the $1,300 mark. The current rally is following a steep upward trend line. If this line is broken, it could trigger a short-term pullback.
In that case, the first support level to watch would be around $1,280. If the decline continues, the next key level would be near $1,200, where the trend line meets a strong support zone.
Even if a short-term pullback occurs, the main outlook still points upward. The next likely target for buyers is the round-number resistance at $1,400.
Silver Nears Key Breakout Level
After a mid-month pullback, silver is now rising again and is nearing the $40 per ounce level. A breakout above this point is the current focus for buyers and could spark talk of a possible move toward the historical high near $50.
With strong demand continuing to outpace supply — and demand expected to grow in the coming years — this scenario appears quite realistic.
For those looking to join the trend at a better price, the support zone between $37.70 and $37.50 per ounce is worth watching. This area is also backed by the upward trend line. If this support breaks, it could open the door to a deeper pullback.
Platinum Holds the Line at Critical Support
Among the metals analyzed, platinum experienced the deepest correction, dropping to test support near $1,450. This level is likely to hold in the short term. Early signs of buying are starting to appear, and if buyers can build momentum, the price may return to its upward trend. The first target in that case would be around $1,475, where resistance meets the correction trend line.
If selling pressure increases, the downtrend could continue, with the next key support area near the round level of $1,400.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk is at the investor’s own risk. We also do not provide any investment advisory services.