Gold, Silver, Platinum – Gold Is Mostly Flat Despite Dollar’s Rebound

Key Insights

• Gold did not manage to settle below the $1910 level. 
• Silver was mostly flat in volatile trading. 
• Platinum made an attempt to get below the psychologically important $900 level.

Gold

Gold continues its attempts to settle below the $1910 level as U.S. dollar gains ground against a broad basket of currencies.

The $1910 – $1915 support area has been tested several times and proved its strength, but the continuation of the dollar’s rebound will likely push gold towards the next support in the $1875 – $1885 range.

Silver

Silver is mostly flat as it stabilizes after the recent rebound. Falling Treasury yields provided some support to silver markets today.

To continue the rebound, silver needs to climb above the $23.20 level. On the support side, a move below the $22.70 level will push silver towards the support in the $22.00 – $22.20 range.

Platinum

Platinum tested support in the $900 – $905 range but failed to develop sufficient downside momentum and moved back towards the $920 level.

RSI remains in the oversold territory so platinum may need more time to consolidate before it will be ready for another test of the $900 level.

For a look at all of today’s economic events, check out our economic calendar.