Key Insights
- Gold tries to reclaim the crucial $1900 mark, undeterred by a robust dollar.
- Gold/silver ratio’s decline to 81 augurs well for silver’s prospects.
- Platinum targets the $925-$935 resistance amid heightened demand.
Gold
Gold is trying to settle back above the $1900 level as demand for precious metals is rising. Stronger dollar did not put any material pressure on gold markets today.
Gold needs to settle above the resistance at $1900 – $1910 to gain additional upside momentum.
Silver
Silver moved towards the $23.50 level as the strong rebound continued. Gold/silver ratio declined towards the 81 level, which was bullish for silver.
In case silver settles above the 50 MA at $23.55, it will head towards the resistance in the $24.25 – $24.50 range.
Platinum
Platinum has also continued to rebound from recent lows amid rising demand for precious metals.
Currently, platinum is trying to settle above the resistance at $925 – $935. In case this attempt is successful, platinum will move towards the next resistance in the $975 – $985 range.
For a look at all of today’s economic events, check out our economic calendar.