Gold, Silver, Platinum – Precious Metals Gain Ground As Dollar Pulls Back

Key Insights

• The weak dollar provided support to gold and silver. 
• Platinum continued to move lower after an unsuccessful attempt to settle above the $1100 level. 
• Traders will likely stay focused on the dynamics of the U.S. currency in the upcoming trading sessions. 

Gold

Gold  tested new highs near the $1900 level as the U.S. dollar pulled back against a broad basket of currencies after the release of U.S. inflation reports. The pullback in Treasury yields provided additional support to gold markets.

Silver

Silver made another attempt to settle above the $24.00 level but lost momentum and pulled back towards $23.75. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. However, silver faces strong resistance in the $24.00 – $24.50 area, and it will likely need material catalysts to settle above $24.50.

Platinum

Platinum 120123 Daily ChartThe weak dollar did not provide enough support to platinum, which continued to pull back after the recent unsuccessful attempt to settle above the $1100 level. Currently, platinum is trying to settle below the support level at $1070. If platinum declines below this level, it will move towards the next support at the 20 EMA at $1055.

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