Gold, Silver, Palladium – Palladium Markets Test New Lows

Key Insights

• Gold is mostly flat ahead of the weekend. 
• Silver pulled back after an unsuccessful attempt to settle above the $24.00 level. 
• Palladium is trying to settle below the support at $1600.

Gold

Gold is mostly flat after the release of the economic data from the U.S. Traders are waiting for the Fed decision, which will be released on February 1. It remains to be seen whether gold traders will be ready for big moves ahead of this key event.

Silver

Silver failed to settle above the $24.00 level and pull back. The technical picture remains unchanged as silver faces huge resistance in the $24.00 – $24.50 area. At this point, it looks that an additional sell-off in the U.S. dollar will be required to push silver above the $24.50 level.

Palladium

Palladium remains under strong pressure and is trying to settle below the $1600 level. These levels were last seen back in 2020. It should be noted that palladium reached the bottom near the $1500 level during the acute phase of the coronavirus crisis in March 2020, and such levels could be reached in the upcoming weeks if palladium gains additional downside momentum.

For a look at all of today’s economic events, check out our economic calendar.