Key Insights
- Gold moved above the $1970 level.
- Silver gained almost 2% as demand for precious metals increased.
- Platinum rebounded from weekly lows.
Gold
Gold rebounded towards the $1970 level as traders focused on the pullback in Treasury yields.
In case gold manages to settle above the resistance in the $1975 – $1985 range, it will move towards the next resistance area, which is located at $2015 – $2025.
Silver
Silver gained strong upside momentum amid a broad rally in precious metals markets.
The nearest resistance for silver is located in the $25.10 – $25.30 range. A move above $25.30 will push silver towards the next resistance at $25.90 – $26.10.
Platinum
Platinum rebounded from recent lows as traders focused on the strong performance of commodity markets.
From the technical point of view, platinum needs to settle above the resistance at $965 – $975 to have a chance to gain additional upside momentum.
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