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.
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Gold
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 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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