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Gold, Silver, Platinum – Gold Gains Ground Amid Rising Demand For Precious Metals
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Silver moved towards the $25.00 level, while platinum settled back above $950.
Key Insights
- Gold moved above the $1970 level.
- Silver gained almost 2% as demand for precious metals increased.
- Platinum rebounded from weekly lows.
Gold
Gold rebounded towards the $1970 level as traders focused on the pullback in Treasury yields.
In case gold manages to settle above the resistance in the $1975 – $1985 range, it will move towards the next resistance area, which is located at $2015 – $2025.
Silver
Silver gained strong upside momentum amid a broad rally in precious metals markets.
The nearest resistance for silver is located in the $25.10 – $25.30 range. A move above $25.30 will push silver towards the next resistance at $25.90 – $26.10.
Platinum
Platinum rebounded from recent lows as traders focused on the strong performance of commodity markets.
From the technical point of view, platinum needs to settle above the resistance at $965 – $975 to have a chance to gain additional upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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