Key Insights
- Gold moved towards the $1965 level as traders focused on weak dollar and falling Treasury yields.
- Silver rallied above $23.00 as gold/silver ratio dived below the 85 level.
- Platinum tested resistance at $880 – $890.
Gold
Gold gained ground as traders focused on the strong pullback in Treasury yields, which was triggered by the weaker-than-expected inflation data from the U.S.
From the technical point of view, gold needs to settle above the resistance at $1975 – $1985 to have a chance to gain sustainable upside momentum.
Silver
Silver rallied as gold/silver ratio pulled back below the 85 level. Weak dollar and falling Treasury yields provided additional support to silver.
In case silver stays above the $23.00 level, it will get to the test of the next resistance at $23.40 – $23.60.
Platinum
Platinum is up by almost 3% amid a broad rally in precious metals markets. Traders bet that Fed will start cutting rates in the first half of 2024.
If platinum settles above the resistance at $880 – $890, it will head towards the next resistance level, which is located in the $925 – $935 range.
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