saxo bank report

Precious metal prices have been trading sideways for the past month

Precious metal prices have been trading sideways for the past month. We believe the main risk to the complex is a renewed pocket of US dollar strength, which has tended to be the seasonal patterns of the US dollar in the first four weeks of a new year.

January Gold (ZGG8) below $800/oz focus is towards $783 support.

Note: the support/resistance levels used in the matrix’s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

GOLD SILVER
ZGF8 ZIF8
Resist. Resist.
825.8 14.769
811.5 14.357
803.6 14.109
792.1 13.83
789.3 13.697
782.9 13.533
768.6 13.121
Support Support
26dMA 49dMA
804.4 14.347
10dMA 10dMA
802.9 14.359
MCXARUN