Key Insights
- Gold continues to stabilize after the recent test of all-time highs.
- Silver retreats as gold/silver ratio moves above 85.
- Platinum rebounds as traders focus on the encouraging economic data from China.
Gold
Gold remains stuck near the $2025 level despite U.S. dollar’s pullback. From a big picture point of view, gold markets are trying to stabilize after the recent test of all-time high levels.
The nearest support level for gold is located in the $2015 – $2025 range. A move below $2015 will push gold towards the next support at $1975 – $1985.
Silver
Silver remains under strong pressure as gold/silver ratio moved above the 85.00 level.
A move below the support at $23.40 – $23.60 will push silver towards the next support at $22.25 – $22.50.
Platinum
Platinum rebounds after the recent pullback as traders react to the economic data from China. China’s exports increased by 0.5% year-over-year in November, compared to analyst consensus of -1.1%.
If platinum stays above the $900 level, it will head towards the resistance at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.
