Key Points:
Gold managed to rebound after yesterday’s pullback. Silver made another attempt to settle above the nearest resistance at $28.70 – $28.90.Platinum tested support at $925 – $935.
In this article:
Gold is moving towards the $2400 level despite stronger dollar and rising Treasury yields. Demand for safe-haven assets remains strong amid geopolitical tensions, which is bullish for gold and other precious metals.
A move above the resistance at $2390 – $2400 will push gold towards recent highs at $2430.
Silver
Silver gained some ground as traders focused on the strong performance of gold markets.
A successful test of the nearest resistance at $28.70 – $28.90 will open the way to the test of the next resistance level at $29.70 – $30.00.
Platinum
Platinum is mostly flat as traders remain worried about the strength of demand for the metal in the near term.
From the technical point of view, platinum received support in the $925 – $935 range. Most likely, platinum will need additional catalysts to settle below $925.
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About the Author
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
