Gold is trying to settle above the resistance at $2025 as traders wait for the release of FOMC Minutes, which will likely have a material impact on precious metals markets.
A successful test of the resistance at $2015 – $2025 will push gold towards the next resistance level at $2065 – $2075.
Silver
Silver 210224 Daily Chart
Silver is losing ground as gold/silver ratio climbed above the 88.50 level. The volatility of gold/silver ratio remains the key driver for silver.
If silver stays below the $23.00 level, it will head towards the strong support in the $22.25 – $22.50 range.
Platinum
Platinum 210224 Daily Chart
Platinum tests support at $880 – $890 as traders focus on the strong sell-off in palladium markets.
A move below the $880 level will open the way to the test of the next support at $840 – $850.
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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.