Gold, Silver, Platinum – Silver Retreats On Profit-Taking

Key Insights

• Gold is swinging between gains and losses amid a lack of catalysts. 
• Silver tested the $24.60 level. 
• Platinum is trying to settle above the $985 level. 

Gold

Gold is mostly flat in today’s trading session as traders wait for additional catalysts.

In case gold settles below the 50 MA at $1950, it will head towards the support in the $1935 – $1940 range.

Silver

Silver pulls back as traders take some profits off the table after the strong rally. Gold/silver ratio rebounded from the recent lows near 78.35, which served as a bearish catalyst for silver.

From the technical point of view, the pullback is natural after a strong move. In case silver stays above the $24.80 level, it will have a good chance to gain additional upside momentum in the near term.

Platinum

Platinum continues to rebound despite the weaker-than-expected economic data from China.

Platinum looks ready to settle above the resistance in the $965 – $975 range. A move above this resistance area will push platinum towards the $1000 level.

For a look at all of today’s economic events, check out our economic calendar.