Gold, Silver, Platinum – Gold Rebounds As Traders Bet On A Less Hawkish Fed

Key Insights

• Gold moved back towards the $1980 level. 
• Silver rebounded towards $24.00 as U.S. dollar pulled back against a broad basket of currencies. 
• Platinum tested resistance at $1080.

Gold

Gold rebounded after dovish comments from Fed Chair Jerome Powell. Traders bet that the peak federal funds rate has been reached.

A move above the $1980 level will push gold towards the resistance at $2000. If gold settles above $2000, it will head towards the next resistance at $2010.

R1:$1980 – R2:$2000 – R3:$2010

S1:$1965 – S2:$1950 – S3:$1930

Silver

Silver has also moved away from multi-week lows. U.S. dollar’s pullback served as an additional bullish catalyst for silver markets.

If silver settles back above the resistance at $24.20, it will move towards the next resistance level at $24.60. A successful test of this level will push silver towards the resistance at $25.00.

R1:$24.20 – R2:$24.60 – R3:$25.00

S1:$23.80 – S2:$23.50 – S3:$23.25

Platinum

Platinum tested resistance at $1080 amid a broad rebound in precious metals markets.

If platinum manages to settle above $1080, it will move towards the $1100 level. A successful test of this level will open the way to the test of the resistance at $1115.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1040 – S3:$1015

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