Key Insights
- Gold pulled back after facing strong resistance near the $2000 level.
- Silver declined towards $23.00 as gold/silver ratio rebounded towards the 86 level.
- Platinum remained stuck near $900.
Gold
Gold pulls back as traders take some profits off the table after the strong rally from October lows.
RSI has recently moved into the moderate territory, so gold has enough room to gain additional upside momentum in case the right catalysts emerge.
Silver
Silver is losing ground amid profit-taking. Gold/silver ratio moved back towards the 86 level, which was bearish for silver.
From the technical point of view, the current pullback looks healthy after a strong rally. Silver needs to settle above $23.60 to gain additional momentum.
Platinum
Platinum continues its attempts to settle above the $900 level while traders wait for additional catalysts.
If platinum climbs above $900, it will head towards the resistance at $925 – $935.
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