Gold, Silver, Platinum – Gold Pulls Back After Testing The $2000 Level

Key Insights

• Gold declined towards the $1970 level. 
• Silver pulled back below the $22.50 amid profit-taking. 
• Platinum tested the $1000 level. 

Gold

Gold pulled back towards the $1970 level after an unsuccessful attempt to settle above $2000. Most likely, the pullback is driven by profit-taking after the strong rally. In addition, demand for safe-haven assets declined after UBS agreed to acquire the troubled Credit Suisse.

Silver

Silver also moved lower amid profit-taking. However, RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If silver stays above the $22.50 level, it will have a good chance to move closer to the resistance at $23.00.

Platinum

Platinum has recently made another attempt to settle above the $1000 level. Platinum is dependent on industrial demand, and traders bet that regulators’ efforts to save troubled banks will provide sufficient support to the global economy.

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