The precious metals of Gold and Silver saw net January declines of -$32.20 (1.8%) to
$1796.40, and -$0.96
(4.1%) to
$22.39 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: began the year on a weak note, settling in the $1796s. Price momentum is flat lining on the moderately low side. The January candle offers little to the bulls. I would note the
monthly 10MA at $1802. For confidence, gold bugs need to see a
decisive monthly settlement >psy' $1900, which looks possible late Feb'/March... if only on geo-political grounds.
Silver: printing $24.75, but cooling back to settle at $22.39. The
January candle offers little to the bulls. Momentum ticked
lower for a eighth consecutive month, and is on the moderately low
side.
I would note the monthly 10MA at $24.42, which silver settled below.
Price action has been a broad chop fest since August 2020. Things
turn
decisive for the silver bulls, with a break AND hold above $25.50. The one solace for silver bulls is that old (seven year) resistance of the $21s, is holding as new core support.
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