Gold, Silver, Platinum – Gold Markets Pulled Back From Session Highs

Key Insights

• Gold attempts to settle above the $1875 level. 
• Silver managed to gain upside momentum and tests the $22.50 level. 
• Platinum is trading near the important support at $970.

Gold

Gold continues its attempts to settle above the $1875 level. The U.S. dollar is swinging between gains and losses, so gold has a chance to gain additional upside momentum. However, the recent comments from Fed’s Williams, who sees the peak rate in the 5%-5.25% range, may put some pressure on gold markets.

Silver

Silver is currently trying to settle above the $22.50 level. This level has already been tested several times and proved its strength. If silver climbs above $22.50, it will have a good chance to gain additional upside momentum.

Platinum

Platinum failed to test the $1000 level and pulled back towards the support level at $970. This support level is important for platinum as the metal found significant support in this area in November and December. A move below the $970 level may lead to a sell-off.

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