Key Insights
- Gold makes an upward move as the U.S. dollar weakens, buoyed further by a decrease in Treasury yields.
- Silver remains trapped below a stubborn resistance level at $24.25-$24.50, an area that has undergone multiple tests.
- Platinum ascends over 2%, spurred by bullish sentiment linked to China’s stimulus measures possibly increasing demand.
Gold
Gold gained some ground as U.S. dollar moved lower against a broad basket of currencies. The pullback in Treasury yields provided additional support to gold markets.
From the technical point of view, gold settled above the previous resistance at $1900 – $1910 and is trying to get to the test of the next resistance level at $1935 – $1940.
Silver
Silver remains stuck below the important resisance level at $24.25 – $24.50. This level has already been tested several times and proved its strength.
If silver climbs above the $24.50 level, it will gain additional upside momentum and head towards the next resistance at $25.00 – $25.25.
Platinum
Platinum gained more than 2% as the strong rebound continued. Palladium has also moved higher as traders bet that China’s stimulus measures would boost demand.
In case platinum settles above the resistance at $975 – $985, it will head towards the next resistance level, which is located in the $1020 – $1030 range.
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