Key Insights
- Gold is trying to settle above the $2030 level.
- Silver pulled back below $24.00 as gold/silver ratio moved above 85.
- Platinum settled above the $950 level as traders focused on the rally in palladium markets.
Gold
Gold continues its attempts to settle above the resistance at $2015 – $2025 despite rising Treasury yields. Traders remain focused on dovish Fed, which is bullish for gold.
If gold settles above $2025, it will head towards the next resistance at $2065 – $2075.
Silver
Silver moved lower as gold/silver ratio settled back above the 85.00 level.
The nearest support for silver is located in the $23.40 – $23.60 range. A move below $23.40 will push silver towards the support at $22.25 – $22.50.
Platinum
Platinum gains ground as traders react to the continuation of the strong rally in palladium markets.
RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check out our economic calendar.