Key Insights
- Gold gains some ground as U.S. dollar is under pressure against a broad basket of currencies.
- Silver shows promising signs of a rebound as traders increase their long positions near multi-week lows.
- Platinum made an attempt to settle above the psychologically important $900 level.
Gold
Gold gains ground as traders focus on U.S. dollar’s pullback. However, rising Treasury yields limit gains.
In case gold manages to settle above the resistance at $1935 – $1940, it will head towards the next resistance level at $1975 – $1985.
Silver
Silver is moving higher as traders bet on a rebound after the strong pullback. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum.
In case silver climbs above the 200 MA at $23.45, it will head towards the next resistance level at $24.25 – $24.50.
Platinum
Platinum has also found some support in today’s trading session. Bulls hope that the situation in China’s economy will stabilize, providing additional support to platinum markets.
From the technical point of view, it’s too early to take about the start of the new upside trend. Platinum must settle above the $900 level to have a chance to gain upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
