Gold, Silver, Palladium – Gold Stays Strong As U.S. Dollar Pulls Back
- Gold settled near multi-month highs.
- Silver is moving towards the $24.00 level.
- Palladium settled below the $1700 level and is heading towards the support at $1680.
Gold continues its attempts to settle above the $1940 level. The U.S. dollar is losing some ground against a broad basket of currencies, which is bullish for gold markets. A move above $1940 will open the way to the test of the resistance at the $1950 level.
Silver managed to get above the 20 EMA and is moving towards the $24.00 level. From the big picture point of view, the situation remains unchanged. Silver needs to get above the strong resistance area in the $24.00 – $24.50 range to have a chance to gain sustainable upside momentum.
Palladium gained strong downside momentum and settled below the $1700 level. The recent attempts to rebound from the $1700 level yielded no results, and palladium has a good chance to get to the test of the support at the $1660 level.
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