Gold, Silver, Platinum – Precious Metals Rally As Dollar Remains Under Pressure

Key Insights

• Gold tests resistance at $1980.
• Silver is heading towards the $24.00 level. 
• Platinum managed to climb back above the 50 EMA at $980. 

Gold

Gold moved towards the $1980 level as the U.S. dollar remained under pressure against a broad basket of currencies. In case gold settles above the resistance at $1980, it will move towards the next resistance level, which is located at $2000.

Silver

Silver settled above the $23.50 level and is trying to get to the test of the $24.00 level. RSI has just entered into the overbought territory, but there is enough room to gain additional momentum. If silver settles above $24.00, it will move towards the resistance at $24.50.

Platinum

Platinum moved above the 50 EMA amid strong demand for precious metals. Traders should note that platinum needs to settle above the key $1000 level to have a chance to gain sustainable upside momentum.

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