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Gold, Silver, Platinum – Silver Markets Rebound From Multi-Week Lows

By:
Vladimir Zernov
Published: Jan 24, 2023, 16:48 UTC

Precious metals gained ground as Treasury yields pulled back after the release of U.S. PMI reports.

Gold

In this article:

Key Insights

  • Gold tested new highs near the $1940 level. 
  • Silver moved away from multi-week lows amid rising demand for precious metals. 
  • Platinum settled back above the 20 EMA. 

Gold

Gold
Gold 240123 Daily Chart

Gold tested new highs at $1942 as traders bet on the continuation of the current trend. The U.S. dollar made an attempt to rebound after the release of U.S. PMI data but lost momentum and pulled back, which was bullish for gold markets.

Silver

Silver
Silver 240123 Daily Chart

Silver managed to rebound after yesterday’s sell-off. Silver received strong support near the 50 EMA at $22.90 and moved towards the 20 EMA at $23.65. A move above the 20 EMA will push silver towards the $24.00 level.

Platinum

Platinum
Platinum 240123 Daily Chart

Platinum settled back above the 20 EMA amid rising demand for precious metals. RSI is in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge. The nearest significant resistance level for platinum is located at $1080. In case platinum settles above this level, it will head towards the next resistance level at multi-month highs at $1110.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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