January 17, 2022 – Precious metals markets enter this week’s trading with an opportunity to benefit from continued dollar weakness.

Gold and silver prices rose last week as the U.S. dollar fell versus foreign currencies. The yellow metal closed strongly above $1,800/oz.

A lot more work needs to be done before a significant breakout rally can be confirmed. Gold faces overhead resistance in the mid-$1,800s, where previous rally attempts have failed.

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Silver, meanwhile, is keying off a potential double bottom from December. A move above resistance at $23.50/oz could clear the technical path for bigger gains ahead.