Gold, Silver, Platinum – Gold Gains Some Ground Despite The Strong Dollar

Key Insights

• Gold tests the resistance level at $1965.
• Silver settled near the $23.50 level. 
• Platinum continues its attempts to settle above the important resistance at $1040.

Gold

Gold gains some ground despite stronger dollar and rising Treasury yields as some traders are ready to bet that the local bottom has been formed.

A move above the $1965 level will open the way to the test of the resistance at $1980. If gold climbs above $1980, it will head towards the resistance at $2000.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver is mostly flat as traders wait for additional catalysts.

If silver settles above the $23.80 level, it will head towards the resistance at $24.10. A move above $24.10 will push silver towards the $24.60 level.

R1:$23.80 – R2:$24.10 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum  continues its attempts to settle above the key resistance at $1040 as traders bet on the continuation of the rebound.

A move above $1040 will push platinum towards the $1065 level. If platinum climbs above this level, it will head towards the next resistance at $1085.

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