Key Insights
- Gold gained ground as traders focused on the weakness of the U.S. dollar.
- Silver moved back above the $23.00 level.
- Platinum rebounded above $910.
Gold
Gold rebounds as traders focus on dollar’s pullback and falling Treasury yields. Today’s Non Farm Payrolls report missed analyst expectations, providing support to gold markets.
From the technical point of view, gold remains range-bound and needs to settle above the $1940 level to gain sustainable upside momentum.
Silver
Silver moved above the $23.00 level amid a broad rebound in precious metals markets.
Silver needs to climb above the $23.20 level to gain additional upside momentum. On the support side, a move below $22.70 will open the way to the test of the support at $22.00 – $22.20.
Platinum
Platinum found support near the $900 level and is moving higher, supported by weaker U.S. dollar.
At this point, platinum is trying to stabilize after the strong pullback, and it needs to climb above the $935 level to break the current trend.
For a look at all of today’s economic events, check out our economic calendar.