Key Insights
- Gold tests resistance at $1980.
- Silver is heading towards the $24.00 level.
- Platinum managed to climb back above the 50 EMA at $980.
Gold
Gold moved towards the $1980 level as the U.S. dollar remained under pressure against a broad basket of currencies. In case gold settles above the resistance at $1980, it will move towards the next resistance level, which is located at $2000.
Silver
Silver settled above the $23.50 level and is trying to get to the test of the $24.00 level. RSI has just entered into the overbought territory, but there is enough room to gain additional momentum. If silver settles above $24.00, it will move towards the resistance at $24.50.
Platinum
Platinum moved above the 50 EMA amid strong demand for precious metals. Traders should note that platinum needs to settle above the key $1000 level to have a chance to gain sustainable upside momentum.
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