Key Insights
- Gold managed to settle above the resistance at $1980.
- Silver received support near $23.60 and rebounded towards the $24.00 level.
- Platinum tested the $1000 level but lost momentum and pulled back.
Gold
Gold moved above the $1980 level as traders focused on weaker dollar and lower Treasury yields. The nearest significant resistance level for gold is located at $2000. A move above this important level will provide gold with a chance to gain significant upside momentum.
Silver
Silver found support near $23.60 and moved back above the $24.00 level. RSI remains in the overbought territory, so there is a material risk of a pullback. Traders should note that silver faced strong resistance in the $24.00 – $24.50 area several months ago.
Platinum
Platinum tested the $1000 level but failed to develop sufficient momentum and pulled back. In case platinum settles above the $1000 level, it will head towards the resistance at the $1030 level.
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