Gold, Silver, Platinum – Silver Tests Weekly Lows

Key Insights

• Gold remains stuck near the $1960 level. 
• Silver tested weekly lows as the pullback continued. 
• Platinum settled near the support level at $965.

Gold

Gold is mostly flat as traders stay cautious ahead of the upcoming Fed Interest Rate Decision, which will be released on Wednesday.

From the technical point of view, gold is slowly moving towards the 50 MA near the $1950 level. A move below the 50 MA will open the way to the test of the support in the $1935 – $1940 range.

Silver

Silver tests weekly lows as traders focus on stronger dollar and rising Treasury yields.

Silver must settle below the support in the $24.00 – $24.20 range to gain additional downside momentum. In case silver stays above the $24.20 level, it will move back towards the resistance at $24.60 – $24.80.

Platinum

Platinum is swinging between gains and losses as traders wait for additional catalysts.

If platinum settles below the support at $965 – $975, it will head towards the next support level in the $925 – $935 range.

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