Key Insights
- Gold is swinging between gains and losses amid a lack of catalysts.
- Silver tested the $24.60 level.
- Platinum is trying to settle above the $985 level.
Gold
Gold is mostly flat in today’s trading session as traders wait for additional catalysts.
In case gold settles below the 50 MA at $1950, it will head towards the support in the $1935 – $1940 range.
Silver
Silver pulls back as traders take some profits off the table after the strong rally. Gold/silver ratio rebounded from the recent lows near 78.35, which served as a bearish catalyst for silver.
From the technical point of view, the pullback is natural after a strong move. In case silver stays above the $24.80 level, it will have a good chance to gain additional upside momentum in the near term.
Platinum
Platinum continues to rebound despite the weaker-than-expected economic data from China.
Platinum looks ready to settle above the resistance in the $965 – $975 range. A move above this resistance area will push platinum towards the $1000 level.
For a look at all of today’s economic events, check out our economic calendar.
