Gold, Silver, Palladium – Precious Metals Retreat As Dollar Moves Higher

Key Insights

• Gold faced resistance near the $1960 level and pulled back. 
• Silver tested the key resistance at $24.50 but failed to develop sufficient upside momentum and declined towards the $23.50 level.
• Palladium settled back below the $1650 level. 

Gold

Gold gained strong downside momentum after an unsuccessful test of the $1960 level. The U.S. dollar rebounds from multi-month lows, which is bearish for gold markets. However, it looks that profit-taking is the main reason for today’s move.

Silver

Silver made an attempt to settle above the key resistance at $24.50 but lost momentum and pulled back towards the $23.50 level. This is a disappointing development for the bulls who waited for almost two months for the successful test of the $24.50 level.

Palladium

Palladium has also found itself under pressure in today’s trading session. The recent attempt to get above the $1700 level yielded no results, and palladium may soon get back to the recent lows near the $1600 level.

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