Gold, Silver, Platinum – Silver Soars As Dollar Pulls Back

Key Insights

• Gold tests resistance at $1965 as traders bet on a more dovish Fed. 
• Silver rallied above the $24 level. 
• Platinum is losing ground amid recession worries. 

Gold

Gold gains ground as Treasury yields decline after the release of the disappointing Initial Jobless Claims report. Traders bet on a more dovish Fed, which is bullish for gold.

If gold settles above $1965, it will head towards the next resistance level at $1980. A move above $1980 will push gold towards the $2000 level.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver rallied as gold/silver ratio moved closer to the psychologically important 80 level. U.S. dollar’s pullback also served as an important bullish catalyst for silver.

The nearest resistance for silver is located at $24.60. If silver climbs above this level, it will head towards the next resistance at $24.85.

R1:$24.60 – R2:$24.85 – R3:$25.10

S1:$24.10 – S2:$23.80 – S3:$23.50

Platinum

Platinum remains under pressure amid recession worries. Lower Treasury yields did not provide any support to platinum markets.

If platinum settles below $1015, it will move towards the $1000 level. A successful test of this level will open the way to the test of the next support at $980.

R1:$1040 – R2:$1065 – R3:$1085

S1:$1015 – S2:$1000 – S3:$980

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