Gold
Gold 010424 Daily Chart
Gold pulled back from historic highs as U.S. dollar gained ground after the release of the better-than-expected ISM Manufacturing PMI report. It should be noted that demand for gold stays strong despite rising Treasury yields, which is a bullish sign.
In case gold manages to settle above the recent highs, it will move towards the $2300 level. On the support side, a move below the $2200 level may trigger a wave of profit-taking.
Silver
Silver 010424 Daily Chart
Silver is mosly flat as gold/silver ratio settled near the 89.50 level. High gold/silver ratio remains a significant bearish catalyst for silver.
From the technical point of view, silver has recently received strong support in the $24.40 – $24.60 area and may try to get to the test of the resistance at $25.75 – $26.00.
Platinum
Platinum 010424 Daily Chart
Platinum is losing ground as traders focus on rising Treasury yields and strong dollar.
The technical picture has not changed as platinum remains range-bound above the key support at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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