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

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.


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 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 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 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.

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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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