Key Insights
- Gold settled near the $2040 level as traders focused on the dynamics of the U.S dollar.
- Silver rebounded as gold/silver ratio pulled back towards 88.00.
- Platinum moved higher after an unsuccessful attempt to settle below the $950 level.
Gold
Gold is mostly flat in volatile trading. U.S. dollar found itself under pressure as traders reacted to Non Farm Payrolls data but managed to rebound from session lows, which was bearish for gold.
From the technical point of view, gold is stuck in a range between the support at $2025 and the resistance at $2065.
Silver
Silver moved higher as gold/silver ratio declined towards the 88.00 level. If gold/silver ratio settles back below the key 88.00 level, silver will gain additional momentum.
A move above the resistance at $23.40 – $23.60 will open the way to the test of the next resistance at $25.00 – $25.30.
Platinum
Platinum rebounds as traders use the strong pullback as an opportunity to initiate long positions at attractive levels.
In case platinum settles back above the $970 level, it will head towards the resistance at $990 – $1000.
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