Gold, Silver, Platinum – Silver Price Skyrockets As Dollar Tests New Lows

Key Insights

• Gold rallied towards the $2020 level. 
• Silver settled above the key resistance at $24.50.
• Platinum moved towards $1030.

Gold

Gold rallied above the $2000 level after the release of JOLTs Job Openings report, which showed that the number of job openings declined below the 10 million level. Traders bet that Fed will be forced to cut rates in 2023, which is bullish for gold markets.

Silver

Silver moved towards the $25.00 level as traders focused on weaker dollar and falling Treasury yields. It should be noted that silver managed to get above the important resistance area at $24.00 – $24.50, so a potential short squeeze may serve as an additional positive catalyst for silver markets.

Platinum

Platinum settled above the psychologically important $1000 level amid a broad rally in precious metals markets. If platinum settles above the resistance at $1030, it will move towards the next resistance level at $1050.

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