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.

Gold

Gold 020223 Daily Chart

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 020223 Daily Chart

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 020223 Daily Chart

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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