Gold, Silver, Platinum – Gold Tries To Settle Above $2025 As Dollar Declines

Key Insights

• Gold is moving higher as traders focus on the weakness of the American currency. 
• Silver is trying to settle below the support at $25.60.
• Platinum rallied towards the $1080 level. 

Gold

Gold is currently trying to settle back above the $2025 level as U.S. dollar remains under pressure. Traders ignore rising Treasury yields and focus on the weakness of the American currency.

If gold settles above $2025, it will move towards the resistance at $2050. A successful test of the resistance at $2050 will push gold towards the next resistance at $2070.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver settled near the support level at $25.60 as traders wait for additional catalysts.

In case silver manages to settle below $25.60, it will head towards the next support level at $25.30. A successful test of this level will push silver towards the $25.00 level.

R1:$26.00 – R2:$26.30 – R3:$26.50

S1:$25.60 – S2:$25.30 – S3:$25.00

Platinum

Platinum is trying to settle above the $1080 level as traders react to the rally in palladium markets, which are up by 4.5% in today’s trading session.

A move above $1080 will push platinum towards the resistance at $1100. In case platinum climbs above this level, it will head towards the next resistance at $1115.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1050 – S3:$1030

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