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Precious metals rally as USD pulls back
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Gold tests $1,800 resistance
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Platinum jumps over 4% and trades above $1,000
Some risk-on moods can be spotted on the markets during the final pre-Christmas session. US indices are trading slightly higher, spare for Nasdaq (-0.2%) while USD and other safe haven currencies (CHF and JPY) are top laggards among majors. Precious metals benefit from this environment with gold gaining 0.5% and silver trading 1% higher. Palladium gains almost 3% while platinum rallies over 4%.
GOLD
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Open account Try demo Download mobile app Download mobile appTaking a look at GOLD at H4 interval we can see that precious metal is trading in an upward channel. Price bounce off the lower limit of the channel recently and is attempting to make a break above the 50-period moving average (green line) in the $1,800 per ounce area. A clear break above this area could help shift outlook to more bullish and strengthen chance for a move towards recent highs in the $1,825 and possibly beyond towards the upper limit of the channel.
GOLD. H4 interval. Source: xStation5
SILVER
Silver price made a successful retest of the 38.2% retracement, which acted as a resistance earlier. Price is trying to break above 50-hour moving average today (green line) but attempts have failed so far. Resistance zone marked with 23.6% retracement as well as previous price reactions lies slightly above the aforementioned moving average ($23.85 area).
SILVER. H1 interval. Source: xStation5
PLATINUM
Platinum is the best performing precious metal today. PLATINUM gains over 4% and trades back above $1,000 mark. The nearest resistance zone to watch can be found ranging below $1,030 and is marked with previous price reactions. Slightly above the upper limit of the mid-term trading range can be found ($1,045). Break above would be a huge positive for bulls from technical point of view but ultimately, direction for precious metals may be dependant on Fed.
PLATINUM. H4 interval. Source: xStation5
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