Gold, Silver, Platinum – Precious Metals Gain Ground At The Start Of The Week

Key Insights

• Gold failed to settle above the $1850 level as traders waited for additional catalysts. 
• Silver is moving towards the $22.00 level. 
• Platinum tested the $940 level as traders bet on a rebound after the strong pullback.

Gold

Gold made an attempt to get above the $1850 level but lost momentum and pulled back. The U.S. dollar is flat against a broad basket of currencies as traders are not ready for big moves during the U.S. holiday. There are no material catalysts for gold markets, so gold will likely remain stuck below $1850 until tomorrow.

Silver

Silver settled above the $21.65 level amid a broad rebound in commodity markets. Silver markets are more sensitive to industrial demand than gold markets, so the bullish sentiment in commodity markets provides some support to silver.

Platinum

Platinum made an attempt to settle above the $940 level as traders bet on a rebound after the multi-week pullback. A move above $940 will open the way to the test of the next resistance level at $960.

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