Key Insights
- Gold is losing ground as U.S. dollar tests weekly highs.
- Silver is trying to settle below the support level at $24.60.
- Platinum rebounds as traders bet on rising industrial demand.
Gold
Gold remains under pressure as U.S. dollar continues to move higher against a broad basket of currencies.
Gold may receive some support near the 50 MA at $1950. A move below this level will push gold towards the next support in the $1935 – $1940 range.
Silver
Silver is losing ground as traders continue to take profits near multi-week highs.
Currently, silver is trying to settle below the $24.60 level. If this attempt is successful, silver will head towards the support at $24.00 – $24.20.
Platinum
Platinum rebounds after yesterday’s pullback. Palladium is also moving higher, which shows that traders bet on rising industrial demand.
In case platinum gets back above the 50 MA at $985, it will move towards the 200 MA near the $1000 level.
For a look at all of today’s economic events, check out our economic calendar.