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Key Insights
- Gold settled near the resistance level at $1965.
- Silver pulled back after an unsuccessful test of the $24.60 level.
- Platinum is trying to climb back above the $1015 level.
Gold
Gold is mostly flat in today’s trading session as traders wait for additional catalysts. U.S. dollar is moving higher against a broad basket of currencies, but this move does not put material pressure on gold markets.
From the technical point of view, gold needs to settle above the resistance at $1980 to have a chance to gain sustainable upside momentum.
R1:$1965 – R2:$1980 – R3:$2000
S1:$1950 – S2:$1930 – S3:$1915
Silver
Silver made an attempt to settle above the $24.60 level but lost momentum as traders decided to take some profits off the table after the recent rebound.
If silver settles above the resistance at $24.60, it will move towards the next resistance level at $24.85. A successful test of this level will push silver towards the $25.10 level.
R1:$24.60 – R2:$24.85 – R3:$25.10
S1:$24.10 – S2:$23.80 – S3:$23.50
Platinum
Platinum is mostly flat despite the strong sell-off in palladium markets, which are down by 3% in today’s trading session.
A move above the $1015 level will push platinum towards the resistance at $1040. On the support side, a successful test of the $1000 level will push platinum towards the next support level at $980.
R1:$1015 – R2:$1040 – R3:$1065
S1:$1000 – S2:$980 – S3:$960
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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