Gold is trying to climb back above the $1950 level.
Silver moved away from session lows as traders focused on the rebound in gold markets.
Platinum moved higher as some traders decided to take profits off the table after a strong move.
Gold 131123 Daily Chart
Gold rebounds from recent lows as traders focus on U.S. dollar’s pullback. Falling Treasury yields provide additional support to gold markets.
In case gold climbs back above the $1950 level, it will head towards the nearest resistance at $1975 – $1985.
Silver 131123 Daily Chart
Silver moved away from session lows, supported by rising gold prices.
From the technical point of view, the current situation is extremely interesting as silver has recently made an attempt to settle below the support at $22.25. If silver manages to settle back above this level, it will have a good chance to gain upside momentum.
Platinum 131123 Daily Chart
Platinum rebounds as traders take some profits off the table after the strong move. The rebound in palladium markets provided additional support to platinum.
If platinum settles back above the $860 level, it will head towards the nearest resistance at $880 – $890.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.