Key Insights
- Gold declined towards the $2000 level amid profit-taking.
- Silver settled above the $23.00 level as gold/silver ratio dropped below 86.
- Platinum tested resistance at $925 – $935.
Gold
Gold pulls back as traders take some profits off the table near the key $2000 level.
RSI remains in the overbought territory, so the risk of an additional pullback is significant.
Silver
Silver moved higher as gold/silver ratio settled back below the 86 level. Gold/silver ratio remains close to multi-month highs, and silver has a good chance to gain additional upside momentum.
In case silver manages to settle above the resistance at $23.40 – $23.60, it will head towards the next resistance level, which is located in the $25.00 – $25.30 range.
Platinum
Platinum rallied after a successful test of the 50 MA at $912. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum.
If platinum settles above the resistance at $925 – $935, it will head towards the next resistance level, which is located in the $985 – $1000 range.
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