Gold, Silver, Platinum – Gold Markets Test Multi-Month Highs
- Gold gains ground amid rising demand for safe-haven assets.
- Silver tries to settle above the resistance at $22.00.
- Platinum pulls back after an unsuccessful test of the $1000 level.
Gold rallied towards multi-month highs as demand for safe-haven assets remained strong. The yield of 10-year Treasuries dropped towards the 3.40% level, providing additional support to gold markets.
Silver continues its attempts to settle above the $22.00 level. RSI remains in the moderate territory, so there is enough room to gain additional upside momentum in case the right catalysts emerge. If silver settles above $22.00, it will head towards the next resistance at the recent highs near the $22.40 level.
Platinum pulled back towards the $975 level after an unsuccessful attempt to settle above $1000. While lower Treasury yields are bullish for platinum, traders are worried that the potential banking crisis may lead to a slowdown in the world economy and reduce demand for platinum.
For a look at all of today’s economic events, check out our economic calendar.