Gold
Gold tested new highs as traders reacted to U.S. dollar’s pullback and bet on dovish Fed.
If gold manages to settle above the resistance at $2780 – $2790, it will gain additional upside momentum and move above the psychologically important $2800 level.
Silver
Silver tested the $31.00 level but lost momentum and pulled back. Gold/silver ratio remains above the 90 level, which is bearish for silver.
If silver declines below the 50 MA at $30.40, it will head towards the support level at $28.75 – $29.00.
Platinum
Platinum gained ground amid rising demand for precious metals. U.S. dollar’s pullback and falling Treasury yields provided additional support to platinum in today’s trading session.
If platinum stays above the $960 level, it will get to the test of the resistance level at $975 – $985.
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