Gold, Silver, Palladium – Precious Metals Retreat As Dollar Moves Higher
Published: Feb 2, 2023, 17:37 UTC•1min read
Lower Treasury yields did not provide support to precious metals markets as traders focused on the rebound of the American currency.
Mentioned in Article
Gold
$1,981.38
+0.14%
Silver
$23.849
-0.13%
Palladium
$1,474.63
+1.35%
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.
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Gold
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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