Gold, Silver, Platinum – Gold Pulls Back Amid Profit-Taking

Key Insights

• Gold pulled back towards the support level at $2010.
• Silver continued its attempts to settle above the psychologically important $25.00 level. 
• Platinum received strong support near $1000.

Gold

Gold pulled back towards the $2010 level as traders continued to take profits after the recent rally. Weaker dollar and lower Treasury yields did not provide support to gold markets in today’s trading session.

Gold needs to stay above the $2000 level to have a chance to gain upside momentum in the near term. A move above the resistance at $2025 will push gold towards the next resistance level at $2050.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – $S3:1980

Silver

Silver  continued its attempts to get above the $25.00 level. At this point, it looks that silver will need additional catalysts to settle above this level.

RSI, which remains in the overbought territory, is the key problem for silver bulls. At current levels, silver is extremely sensitive to any bearish news.

R1:$25.00 – R2:$25.30 – R3:$25.60

S1:$24.65 – S2:$24.50 – S3:$24.00

Platinum

Platinum received support near the $1000 level and is moving higher. At this point, traders manage to ignore recession worries and focus on the rebound of the Chinese economy.

The strength of the support at $1000 is a good sign for the bulls. In order to continue its rebound, platinum needs to climb above the resistance at $1030.

R1:$1030 – R2:$1050 – R3:$1065

S1:$1000 – S2:$985 – S3:$965

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