Key Insights
- Gold continues to trade between the support at $1980 and the resistance at $2000.
- Silver is trying to settle back above the $25.00 level.
- Platinum tests support at $1080.
Gold
Gold remains stuck in the $1980 – $2000 range. Traders show little reaction to the developments in bond and forex markets as they wait for the Fed interest rate decision, which will be released next week.
If gold manages to get out of the current $1980 – $2000 range, it will have a good chance to gain sustainable momentum.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1960 – S3:$1935
Silver
Silver is currently trying to settle back above the $25.00 level, supported by lower Treasury yields. However, silver bulls may stay cautious ahead of the Fed decision.
If silver moves above the $25.00 level, it will head towards the next resistance at $25.30. A successful test of the the resistance at $25.30 will push silver towards the $25.60 level.
R1:$25.00 – R2:$25.30 – R3:$25.60
S1:$24.65 – S2:$24.35 – S3:$24.00
Platinum
Platinum remains under pressure as bulls search for additional upside catalysts that could provide more support to platinum markets.
The support at $1080 has been already tested several times and proved its strength. In case platinum manages to settle below this support level, it will head towards the next support at $1065.
R1:$1100 – R2:$1115 – R3:$1140
S1:$1080 – S2:$1065 – S3:$1050
For a look at all of today’s economic events, check out our economic calendar.
