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Gold, Silver, Copper – Precious Metals Pull Back As Dollar Rebounds

Skylar Shaw

Jan 17, 2023 15:59

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Gold

Gold tried to hold above the $1930 resistance level but lost momentum and retreated around $1915. As the U.S. dollar recovered from multi-month lows, the gold markets were negatively impacted. The likelihood of a downturn is high since the RSI is still in overbought territory.

Silver

The $24.00 - $24.50 resistance level was challenged by silver, but it was unable to get enough upward momentum. Since late December, silver has been trading close to this resistance zone. Silver may challenge the psychologically significant $25.00 mark rapidly if it is able to stabilize above $24.50.

Copper

In today's trading session, copper is falling as investors take gains after the previous surge. The present decline is technical since traders are likely to continue paying attention to China's reopening, which is expected to increase demand for copper.


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