Key Insights
- Gold settled above the $2000 level and is moving higher.
- Silver rallies as gold/silver ratio tests new lows.
- Platinum climbed above the $900 level.
Gold
Gold gains ground despite rising Treasury yields as traders use the recent pullback as an opportunity to increase their long positions.
If gold settles back above the resistance at $2015 – $2025, it will head towards the next resistance level at $2065 – $2075.
Silver
Silver rallied as gold/silver ratio declined towards the 86 level. The strong pullback in gold/silver ratio was the key driver behind silver’s strength in recent trading sessions.
A move above the resistance at $23.40 – $23.60 will open the way to the test of the next resistance level at $24.40 – $24.60.
Platinum
Platinum settled above the $900 level and continues to move higher ahead of the weekend.
In case platinum moves above the $910 level, it will head towards the resistance at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.