Gold, Silver, Platinum – Gold Declines As Dollar Rebounds From Weekly Lows
Key Insights
- Gold failed to settle above the resistance at $1980.
- Silver moved above the $24.00 level.
- Platinum tested resistance at $1000.
Gold
Gold failed to settle above the resistance at $1980 and pulled back towards the $1975 level. Treasury yields are moving lower, which is bullish for gold. However, traders are focused on the rebound of the U.S. dollar, which serves as a bearish catalyst for gold markets.
Silver
Silver managed to climb above the $24.00 level and is trying to gain additional upside momentum. Traders should note that silver entered into the strong resistance area in the $24.00 – $24.50 range while RSI moved into the overbought territory. The risks of a pullback are increasing, and silver markets will need material catalysts to maintain the current trend.
Platinum
Platinum made an attempt to settle above the $1000 level as demand for precious metals remained strong. A successful test of the resistance at $1000 will push platinum towards the $1030 level.
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