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Gold, Silver, Palladium – Precious Metals Gain Ground As Dollar Pulls Back

By:
Vladimir Zernov
Updated: Jan 20, 2023, 08:07 GMT+00:00

Precious metals enjoyed strong support in today's trading session as demand for safe-haven assets increased.

Gold

In this article:

Key Insights

  • Gold managed to settle above the $1915 level. 
  • Silver received significant support near $23.15.
  • Palladium gained strong upside momentum after an unsuccessful attempt to settle below the $1700 level. 

Gold

Gold
Gold 190123 Daily Chart

Gold  moved back above the $1915 level as the U.S. dollar pulled back against a broad basket of currencies. Treasury yields moved higher in today’s trading session, but this move did not put pressure on precious metals. If gold settles above $1915, it will head towards the next resistance at $1930.

Silver

Silver
Silver 190123 Daily Chart

Silver  received support near the $23.15 level and moved back above the $23.50 level. The nearest resistance for silver is located at the 20 EMA at $23.65. If silver settles above this level, it will move towards the next resistance at $24.00.

Palladium

Palladium 190123 Daily Chart

Palladium rebounded above the $1750 level after an unsuccessful attempt to settle below $1700. From a big picture point of view, palladium is stuck in the wide $1630 – $1830 range. Palladium has been extremely volatile within this range, so traders should be careful when taking positions between $1630 and $1830. At this point, it looks that palladium will need additional catalysts to gain sustainable momentum and move out of the $1630 – $1830 range.

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

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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