Gold, Silver, Platinum – Platinum Gains 3% As Traders Bet On A Rebound

Key Insights

• Gold moved towards $1960 after the recent pullback. 
• Silver climbed back above the $23.50 level. 
• Platinum gained strong upside momentum and tested resistance at $1040.

Gold

Gold rebounded towards the $1960 level as U.S. dollar lost some ground against a broad basket of currencies.

The nearest resistance level for gold is located at $1965. In case gold climbs above this level, it will move towards the next resistance at $1980.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver managed to rebound from session lows but it remains to be seen whether it will be able to gain sustainable momentum in absence of additional positive catalysts.

A move above the $23.80 level will push silver towards the resistance at $24.10. On the support side, a successful test of the $23.50 level will open the way to the test of the next support level at $23.25.

R1:$23.80 – R2:$24.10 – R3$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum gained ground as traders bet on the rebound after the multi-week pullback.

A move above the $1040 level will push platinum towards the resistance at $1065. If platinum settles above $1065, it will head towards the next resistance at $1085.

R1:$1040 – R2:$1065 – R3:$1085

S1:$1015 – S2:$1000 – S3:$980

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