Key Insights
- Gold settled near the $1950 level as traders waited for catalysts.
- Silver declined towards the $24 level.
- Platinum pulled back after facing strong resistance near the $1000 level.
Gold
Gold remains range-bound as traders wait for additional catalysts. Trading is slow due to the U.S. holiday.
Traders should not expect any material moves until gold leaves the $1935 – $1985 range.
Silver
Silver pulled back as traders continued to take profits after the recent rebound, which faced material resistance in the $24.00 – $24.25 range.
In case silver settles below the 50 EMA at $23.95, it will gain additional downside momentum and head towards the support area in the $23.45 – $23.60 range.
Platinum
Platinum remains under pressure and is moving towards the nearest support level in the $965 – $975 range.
Platinum has recently failed to settle above the $1000 level, which indicated that buyers’ interest for platinum remained limited at current levels. A move below $965 will provide platinum with an opportunity to gain additional downside momentum.
For a look at all of today’s economic events, check out our economic calendar.
