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Gold, Silver, Platinum – Precious Metals Rally As Dollar Remains Under Pressure

By:
Vladimir Zernov
Published: Mar 30, 2023, 16:27 GMT+00:00

U.S. dollar's pullback provided material support to precious metals.

Gold, Silver, Platinum – Precious Metals Rally As Dollar Remains Under Pressure

In this article:

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
Gold 300323 Daily Chart

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
Silver 300323 Daily Chart

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
Platinum 300323 Daily Chart

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.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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