Gold, Silver, Platinum – Silver Tests Support At $24.60

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.