(Kitco News) – Gold, silver, and platinum have all pulled back below their recent key resistance levels as precious metals markets await the next trigger to rally higher, according to analyst Vladimir Zernov at FX Empire.
“Gold is stuck below the key resistance level at $2520 – $2530 as traders wait for additional catalysts,” Zernov said. “The technical setup is bullish, but gold needs to settle above the $2530 level to gain upside momentum.”
Turning to silver, he noted the gray metal’s ongoing efforts to close above the $30 per ounce level on the daily chart.
“Gold/silver ratio pulled back towards the 84.00 level, providing some support to silver markets,” Zernov said. “In case silver climbs above $30.00, it will move towards the resistance at $31.40 - $31.75.”
Platinum, for its part, has pulled back somewhat after failing to settle above key resistance in the $975 - $985 range.
“The technical picture remains unchanged as platinum is stuck between the support at $935 - $940 and the resistance at $975 - $985,” he said.
At the time of writing, spot gold last traded at $2,524.48 per ounce for a gain of 0.26%, spot silver is hovering right at resistance, last trading at $30.039 for a 0.43% gain, and spot platinum is flat on the session, last trading at $959.61 per ounce.
