Gold, Silver, Platinum – Gold Moves Closer To The $2000 Level As Treasury Yields Decline

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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