Gold, Silver, Palladium – Precious Metals Rebound From Multi-Week Lows
- Gold is trying to settle above the $1875 level.
- Silver found support near $22 and made an attempt to climb above the $22.50 level.
- Palladium rebounded from multi-month lows and made an attempt to settle back above the $1650 level.
Gold moved back above the $1875 level as traders used the strong pullback as an opportunity to build positions in gold. The U.S. dollar and Treasury yields lost upside momentum, providing additional support to gold markets. A successful test of the $1875 level will open the way to the resistance at the 20 EMA, which is located near the $1900 level.
Silver received support near the $22.00 level and is trying to gain upside momentum. If silver manages to settle above the nearest resistance at $22.50, it will head towards the next material resistance level, which is located at $22.75.
Palladium moved away from multi-year lows and made an attempt to climb above the $1650 level. While palladium was not oversold, traders were ready to buy the metal near 2021 lows.
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