Key Points:
Gold gained strong upside momentum as traders bet on a less hawkish Fed.Silver climbed back above the $23.00 level. Platinum moved away from session lows.
In this article:
Gold rallied above the $2070 level as traders bet on a less hawkish Fed after the release of the disappointing ISM Manufacturing PMI report.
In case gold settles above the resistance at $2065 – $2075, it will move towards the psychologically important $2100 level.
Silver
Silver climbed back above the $23.00 level as traders focused on the rally in the gold markets. Gold/silver ratio stays above the 90 level, which is worrisome for silver bulls.
If silver settles above $23.00, it will head towards the nearest resistance at $23.30 – $23.60.
Platinum
Platinum rebounded from session lows amid a broad rally in precious metals markets.
In case platinum climbs back above the $890 level, it will head towards the resistance at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.
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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.
