Gold, Silver, Platinum – Precious Metals Are Mostly Flat As Traders Wait For Catalysts

Key Insights

• Gold settled near the resistance level at $1965.
• Silver pulled back after an unsuccessful test of the $24.60 level. 
• Platinum is trying to climb back above the $1015 level.

Gold

Gold is mostly flat in today’s trading session as traders wait for additional catalysts. U.S. dollar is moving higher against a broad basket of currencies, but this move does not put material pressure on gold markets.

From the technical point of view, gold needs to settle above the resistance at $1980 to have a chance to gain sustainable upside momentum.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver made an attempt to settle above the $24.60 level but lost momentum as traders decided to take some profits off the table after the recent rebound.

If silver settles above the resistance at $24.60, it will move towards the next resistance level at $24.85. A successful test of this level will push silver towards the $25.10 level.

R1:$24.60 – R2:$24.85 – R3:$25.10

S1:$24.10 – S2:$23.80 – S3:$23.50

Platinum

Platinum  is mostly flat despite the strong sell-off in palladium markets, which are down by 3% in today’s trading session.

A move above the $1015 level will push platinum towards the resistance at $1040. On the support side, a successful test of the $1000 level will push platinum towards the next support level at $980.

R1:$1015 – R2:$1040 – R3:$1065

S1:$1000 – S2:$980 – S3:$960

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