Key Insights
- Gold settled near the $2035 level as U.S. dollar remained unchanged against a broad basket of currencies.
- Silver pulled back as gold/silver ratio tested new highs.
- Platinum tested support at $880 as palladium markets were down by more than 5%.
Gold
Gold is mostly flat amid a lack of catalysts. From a big picture point of view, the period of consolidation continues.
RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.
Silver
Silver is losing ground as gold/silver ratio climbed above the 91 level. The bullish trend in gold/silver ratio serves as the key bearish catalyst for silver.
If silver settles below the $22.25 level, it will move towards the next support, which is located in the $21.50 – $21.65 range.
Platinum
Platinum is under pressure as traders focus on the strong sell-off in palladium markets, which are down more than 5% in today’s trading session.
A successful test of the support at $880 – $890 will push platinum towards the next support level at $840 – $850.
For a look at all of today’s economic events, check out our economic calendar.