Gold and precious metals roundup: Moves off multi-year lows as dollar pare gains

Precious metals moved off their multi-year lows hit on Monday as the US dollar pared some of its recent gains on Tuesday.

Platinum was stuck near the $1000 mark while palladium has moved significantly off the $600 mark hit on the first day of the week.

Gold traded as high as $1109.91 from the previous close of $1096.20, and distancing further off the multi-year low of $1072 touched on Monday.

The yellow metal will now aim $1130.90 as the first resistance point in the near term and the $1142 ahead of the $1200, a break of which can potentially weaken the current trend.

On the downside, the metal will likely have a stop at $1042 before breaking the psychologically important $1000 to hit the nearest chart point of $967.0.

Silver had also fallen sharply over recent weeks but failed to break below the December 2014 support of $14.11. The white metal strengthened to $14.97 on Tuesday from Monday's close of $14.69. It had traded as low as $14.50 in the previous session.

Silver has its next resistance at $15.50 ahead of $16.65. The metal will then eye $18.0, a break of which can weaken the current downtrend.

Platinum had broken below the $1000 mark for the first time in five years on Monday and the bounceback on Tuesday has failed to take it back above the psychological level.

It rallied to $992.95 by around 3.45pm GMT from the previous close of $976.50 and compared to the six-year low of $944.50 touched on Monday.

The monthly chart shows $1116.0 as the nearest important resistance for platinum ahead of $1172, a break of which can weaken the downside momentum of the metal.

On the downside, no level seems important until the 2008 low of $732.50 but $937.0 could offer some support on the way.

Palladium has made a near 4% rally on Tuesday in return to the 3% decline that took the metal to a near three-year low of $594.0. The metal traded as high as $623 by afternoon in Europe compared with Monday's close of $603.0.

Palladium on the higher side has its first target at $661.91 and then $700, a break of which can potentially weaken the current downtrend.

On the downside, a return below the $600 mark will open doors to $583.50 and then $552.0 ahead of $532.50, beyond which it will be a 5-year low for the metal.

The US dollar index, a gauge that measures the greenback's trade weighted strength against six major currencies, has dropped to 97.29 on Tuesday, after hitting a 3-month high of 98.16.

More than being a three-month high, Monday's level posed a major challenge for the dollar-denominated assets as the index is not not far away form the 12-year high of 100.40 hit earlier this year.