Gold, Silver, Platinum – Gold Pulls Back As U.S. Dollar Rebounds From Multi-Month Lows

Published: Jan 26, 2023, 17:18 UTC•1min read

The strong dollar put pressure on gold and platinum, while silver managed to gain some ground as gold/silver ratio declined.

Mentioned in Article

Gold

$1,978.97

-0.62%

Silver

$23.232

+0.80%

Platinum

$984.65

-0.46%

Key Insights

Gold did not manage to settle above the resistance at $1950.
Silver moved towards the key resistance area in the $24.00 – $24.50 range.
Platinum remained under strong pressure.

Gold

Gold 260123 Daily Chart

Gold faced resistance near the $1950 level and pulled back. The rebound of the U.S. dollar served as the main catalyst for the pullback. Treasury yields have also moved higher, which was bearish for gold.

Silver

Silver 260123 Daily Chart

Silver gained ground despite stronger dollar and higher Treasury yields as gold/silver ratio moved closer to the 80 level. From a big picture point of view, silver continues to face strong resistance in the $24.00 – $24.50 range, and it will need additional catalysts to settle above this resistance area.

Platinum

Platinum 260123 Daily Chart

Platinum gained strong downside momentum and moved below the 50 EMA. Currently, it is trying to settle below $1020. In case this attempt is successful, platinum will get to the test of the psychologically important $1000 level.

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