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Gold gained upside momentum as U.S. dollar declined to yearly lows after the release of U.S. inflation reports. Falling Treasury yields provided additional support to gold markets.
From the technical point of view, a move above the 50 MA at $1960 will open the way to the test of the resistance in the $1975 – $1985 range.
Silver rallied 4% as gold/silver ratio pulled back towards the 81 level. Demand for precious metals is high as traders bet that the rate hike cycle would end after the last rate hike in July.
In case silver settles above the resistance at $24.00 – $24.20, it will head towards the next resistance level, which is located in the $24.60 – $24.80 area.
Platinum
Platinum tested multi-month highs amid a broad rally in the precious metals markets.
RSI remains in the moderate territory, so platinum has a good chance to gain additional upside momentum in the upcoming trading sessions.
For a look at all of today’s economic events, check out our economic calendar.
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