Gold gains ground as U.S. dollar declines after the Initial Jobless Claims report, which indicated that 231,000 Americans filed for unemployment benefits in a week.
A move above the $2350 level will open the way to the test of the resistance at $2390 – $2400.
Silver
Silver 090524 Daily Chart
Silver rallied above the $28.00 level as gold/silver ratio pulled back below the 83 level.
In case silver settles above the resistance at $27.75 – $28.00, it will move towards the next resistance level, which is located in the $28.75 – $29.00 range.
Platinum
Platinum 090524 Daily Chart
Platinum tests new highs amid a broad rally in precious metals markets. Traders bet on a more dovish Fed after the release of the disappointing Initial Jobless Claims report.
A successful test of the resistance at $975 – $985 will push platinum towards the next resistance at $1010 – $1020.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.