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Precious Metal Market Update: In the latest developments within the precious metals market, gold has shown resilience. Moreover, this is done by stabilizing near the $1920 mark despite a stronger dollar.
Precious Metal Market Update
This stability can be attributed to the growing demand for safe-haven assets, providing support to gold markets.
Support Level at $1935 – $1940 if Gold Settles Above $1920
Should gold manage to settle back above the $1920 threshold? It poises to advance towards the nearest resistance levels in the range of $1935 to $1940.
Silver Struggles Below $23.00 Amid Economic Worries in China
Silver, on the other hand, is grappling with downward pressure as it dips below the critical $23.00 mark. However, this decline is a continuation of the recent pullback. It primarily drives concerns surrounding the Chinese economy.
Potential Support at $22.25 – $22.50 if Silver Remains Below $23.00
The silver market’s trajectory suggests that if it continues to stay below the $23.00 level. It could descend towards the support levels in the range of $22.25 to $22.50.
Platinum Faces Uncertainty as China’s Demand Wavers
Platinum is currently experiencing a downturn as traders express apprehension about a potential decrease in China’s demand for the metal.
Downside Momentum Likely Below $900; Support at $880 – $890
With platinum hovering near the $900 mark, any sustained move below this level could propel it toward crucial support at $880 to $890. Thus, the Relative Strength Index (RSI) indicates that platinum has room for further downside momentum.
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