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
For a look at all of today’s economic events, check out our economic calendar.
