Key Insights
- Gold made an attempt to settle above the $2050 level.
- Silver pulled back as gold/silver ratio rebounded towards 88.
- Platinum faced significant resistance in the $925 – $935 range.
Gold
Gold gains ground as demand for safe-haven assets increases amid rising tensions in the Middle East. Markets are waiting for the U.S. response to the recent attack on U.S. personnel in Jordan.
In case gold manages to settle above the $2050 level, it will move towards the nearest resistance, which is located in the $2065 – $2075 range.
Silver
Silver pulled back towards the $23.00 level as traders took some profits off the table after the rebound from January lows.
Silver needs to settle above the nearest resistance at $23.40 – $23.60 to have a chance to gain sustainable upside momentum.
Platinum
Platinum moved lower amid profit-taking. Traders are not ready to increase their long positions ahead of tomorrow’s Fed decision.
The technical picture remains unchanged as platinum needs to settle above the resistance at $925 – $935 to gain momentum.
For a look at all of today’s economic events, check out our economic calendar.