Gold, Silver, Copper – Precious Metals Pull Back As Dollar Rebounds

Key Insights

• Gold faced resistance near the $1930 level and pulled back. 
• Silver continues its attempts to move above the strong resistance in the $24.00 – $24.50 area. 
• Copper pulls back as traders take some profits off the table. 

Gold

Gold made an attempt to settle above the resistance level at $1930 but lost momentum and pulled back towards $1915. The U.S. dollar rebounded from multi-month lows, which served as a bearish catalyst for gold markets. RSI remains in the overbought territory, so the risks of a pullback are significant.

Silver

Silver tested the high end of the $24.00 – $24.50 resistance area but failed to develop sufficient upside momentum. Silver has been trading near this resistance area since late December. In case silver manages to settle above $24.50, it may quickly get to the test of the psychologically important $25.00 level.

Copper

Copper  is losing ground in today’s trading session as traders take profits after the recent rally. The current pullback looks technical as traders will likely stay focused on China’s reopening, which should boost demand for copper.

For a look at all of today’s economic events, check out our economic calendar.