Key Insights
- Gold moved above $1910 despite rising Treasury yields.
- Silver bounces back, refusing to settle below the resilient $22.25-$22.50 support.
- Platinum’s ascent is anchored in bets that China’s economic backing will stoke demand.
Gold
Gold gains ground despite rising Treasury yields and stronger dollar. It looks that some traders believe that current levels are attractive for purchases.
If gold stays above the $1910 level, it will have a good chance to gain upside momentum and move towards the resistance at $1935 – $1940.
Silver
Silver rebounded from session lows after an unsuccessful attempt to settle below the support at $22.25 – $22.50.
Thsi support level has already been tested many times and proved its strength. A move above $23.00 will provide silver with an opportunity to gain solid upside momentum.
Platinum
Platinum is moving higher as traders bet that China will provide sufficient support to its economy and demand for platinum will increase.
From the technical point of view, platinum stays above the $900 level. A move above $910 will push platinum towards the resistance, which is located in the $925 – $935 range.
For a look at all of today’s economic events, check out our economic calendar.
