Key Insights
- Gold failed to settle above the $1935 level and pulled back.
- Silver moved above the $23 level as gold/silver ratio declined.
- Platinum remained stuck in the $900 – $935 range.
Gold
Gold made an attempt to settle above the resistance in the $1935 – $1940 area but lost momentum and pulled back as the U.S. dollar moved higher against a broad basket of currencies.
As a result, gold remains stuck in the $1910 – $1940 range while traders wait for additional catalysts.
Silver
Silver tested the resistance in the $23.05 – $23.20 area as gold/silver ratio moved below the 83 level.
If silver settles above the $23.20 level, it will head towards the resistance at $24.00 – $24.20.
Platinum
Platinum is mostly flat as traders wait for additional catalysts. Recession worries remain the key problem for platinum bulls.
From the technical point of view, platinum settled in the range between the support at $900 and the resistance at $935. RSI moved back into the moderate territory, so there is plenty of room to gain momentum in the upcoming trading sessions.
For a look at all of today’s economic events, check out our economic calendar.