Palladium settled below the $1700 level and is heading towards the support at $1680.
Gold
Gold 250123 Daily Chart
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
Silver 250123 Daily Chart
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
Palladium 250123 Daily Chart
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.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.