Gold, Silver, Platinum – Silver Tries To Settle Back Above $23.00

Key Insights

• Gold moved higher as traders bet on a less hawkish Fed. 
• Silver found support near $22.60 and made an attempt to settle back above the $23.00 level. 
• Platinum climbed back above the $900 level. 

Gold

Gold made an attempt to settle above the $1930 level as traders reacted to U.S. inflation reports. However, Treasury yields have started to move higher, which was bearish for gold markets.

In case gold manages to settle back above the resistance in the $1935 – $1940 range, it will move towards the next resistance level, which is located in the $1975 – $1985 area.

Silver

Silver has also moved higher after the release of U.S. inflation reports as traders bet on a less hawkish Fed.

If silver climbs above the $23.25 level, it will gain additional upside momentum and move towards the resistance in the $24.00 – $24.25 range.

Platinum

Platinum gained ground amid a broad rebound in commodity markets. The strong rally in palladium markets provided additional support to platinum.

If platinum stays above the $900 level, it will head towards the nearest resistance, which is located in the $925 – $935 range.

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