This resistance level has already been tested many times and proved its strength. In case gold settles above $1940, it will head towards the resistance in the $1975 – $1985 range.
Silver
Silver 110723 Daily Chart
Silver made an attempt to settle above the $23.20 level but lost momentum and pulled back.
The resistance at $23.05 – $23.20 stays strong. In case silver declines below the $23.05 level, it will move towards the support in the $22.70 – $22.85 range.
Platinum
Platinum 110723 Daily Chart
Platinum made an attempt to climb above the $935 level but failed to develop sufficient upside momentum and pulled back. Traders stay cautious ahead of tomorrow’s U.S. inflation reports.
From the technical point of view, platinum needs to get above the $935 level to continue its rebound.
For a look at all of today’s economic events, check out our economic calendar.
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.