Gold, Silver, Platinum – Gold Soars To New Highs

Key Insights

• Gold rallied to new highs after the release of U.S. PPI reports. 
• Silver moved closer to the $26.00 level. 
• Platinum is trying to climb above the $1050 level. 

Gold

Gold rallied to new highs after the release of U.S. PPI reports. The Producer Price Index has surprisingly declined, which was bullish for gold and other precious metals. Interestingly, traders continue to believe that the Fed will raise the federal funds rate by 25 bps at the next meeting, but this hike has been already priced in by commodity markets.

If gold settles above the resistance at $2050, it will head towards the next resistance level at $2075. A successful test of the resistance at $2075 will push gold towards the $2100 level.

R1:$2050 – R2:$2075 – R3:$2100

S1:$2025 – S2:$2010 – S3:$2000

Silver

Silver has also rallied to new highs as traders focused on U.S. dollar’s pullback. Gold/silver ratio continues to move lower, which is also bullish for silver.

In case silver settles above the resistance at $25.80, it will head towards the next resistance at $26.00. A move above the $26.00 level will open the way to the test of the resistance at $26.40.

R1:$25.80 – R2:$26.00 – R3:$26.40

S1:$25.60 – S2:$25.30 – S3:$25.00

Platinum

Platinum  is currently trying to settle above the $1050 level amid a broad rally in precious metals markets, which was triggered by U.S. PPI reports.

In case platinum settles above this level, it will head towards the resistance at $1065. A move above $1065 will push platinum towards the resistance at $1080.

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