Gold, Silver, Platinum – Gold Faced Strong Resistance Near $1935

Key Insights

• Gold failed to settle above the $1935 level as U.S. dollar gained ground against a broad basket of currencies. 
• Silver rebounded after the recent pullback. 
• Platinum remained under pressure amid recession worries. 

Gold

Gold made an attempt to settle back above the $1935 level but lost momentum and pulled back as traders focused on U.S. dollar’s rebound.

From the technical point of view, the unsuccessful test of the $1935 level is a bearish sign which shows that gold is not ready to get back into the previous trading range.

Silver

Silver gained ground as traders took some profits off the table after the strong pullback.

Today’s rebound looks healthy after the strong move. The near-term trend stays bearish, and silver has a decent chance to test the low end of the nearest support in the $22.00 – $22.20 range.

Platinum

Platinum remains under pressure as traders focus on the weak Manufacturing PMI reports from developed countries.

Platinum has already managed to settle below the $930 – $935 area, which has become a new resistance level. The next support for platinum is located in the $900 – $905 range.

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