(Kitco News) – Gold has moved above $3,370 per ounce despite a stronger U.S. dollar, while silver is attempting to settle above the $37.50 per ounce level, and platinum prices briefly broke above resistance near $1350, according to Vladimir Zernov, market analyst at FX Empire.
Zernov noted that gold is gaining ground as traders remain focused on last week’s weak U.S. jobs report.
“If gold settles above the resistance at $3350 – $3360, it will head towards the next resistance level at $3440 – $3450,” he said.
Gold prices have held onto their gains from earlier in the session, with spot gold last trading at $3,376.20 per ounce for a gain of 0.40% on the daily chart.
Turning to silver, Zernov noted that silver was trying to settle above resistance at $37.30 – $37.50 as the gold:silver ratio pulled back towards the 90 level.
“A move above $37.50 will push silver towards the $38.35 level,” he said. “RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.”
Silver prices are far outpacing the gains of gold on Monday afternoon, last trading at $37.421 for a gain of 1.08% on the session.
Platinum was also testing resistance in the $1345 – $1350 per ounce range amid rising precious metals demand during Monday’s trading.
“If platinum manages to settle above $1350, it will head towards the next resistance at $1400 – $1405,” Zernov said.
After hitting a session high of $1,361 per ounce at 10:30 a.m. EDT, platinum has given up some ground, but remains well up on the session, with spot platinum last trading at $1,331.77 per ounce for a gain of 0.83% on the daily chart.
