Gold, Silver, Platinum – Precious Metals Move Higher As Dollar Pulls Back

Key Insights

• Gold tries to settle above the $1840 level as traders focus on weaker dollar. 
• Silver tested resistance at $21.15 as the rebound continued. 
• Platinum continues its attempts to settle above the 20 EMA. 

Gold

Gold is trying to settle above the $1840 level as demand for safe-haven assets is rising. U.S. dollar’s pullback provided additional support to gold markets. The yield of 10-year Treasuries made an attempt to settle above the key 4.00% level but failed to develop sufficient upside momentum and pulled back towards 3.97%, providing additional support to gold.

Silver

Silver continues to rebound after the strong pullback. Currently, it is trying to climb above the resistance at $21.15. In case this attempt is successful, silver will move towards the next resistance level, which is located at $21.40.

Platinum

Platinum attempts to settle above the 50 EMA as traders react to the better-than-expected economic data from China. The rebound of the Chinese economy may boost industrial demand for platinum.

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