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Gold, Silver, Palladium – Gold Stays Strong As U.S. Dollar Pulls Back

By:
Vladimir Zernov
Updated: Jan 26, 2023, 06:46 UTC

The American currency is trading near multi-month lows, which is bullish for gold markets.

Gold

In this article:

Key Insights

  • 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

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
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
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.

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About the Author

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.

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