Precious Metals Technicals: Gold, Silver Bracing For Fresh Lows; PGMs Keep Uptrend

Gains in gold over the last few days could not push it out of a broader downtrend the metal has been witnessing for quite some time.

Silver too moves in similar fashion but platinum and palladium maintain their upward trend with palladium hitting a fresh high.

Better risk environment has reduced the safe haven appeal of the greenback but the yellow metal is not luring investors as much as stocks do.

Technically, gold has many levels to pass through on the topside ahead of the key $1290 mark, the break of which can confirm the resumption of the uptrend. The levels are $1260, 1267, $1275 and $1285.

A failure below the $1290 mark, which also falls on the 50-day moving average on a weekly chart, might lead to the completion of the descending triangle by hitting its base near $1185, which is all likely to remain a major support for some time.

Silver has critical near term resistance and supports around $1 away in both directions, on the higher side near $20, a break of which can set much higher targets like $22 and above.

The metal has a strong support at $18.18, and a break below will push it towards $16.5 and then $14.75.

Platinum, on the other hand, is clearly on an uptrend and has next resistance at $1465, the 38.2% retracement of the downtrend from mid-February 2012 to late March 2013. Further up, it has $1515 and then $1570. A failure below $1465 will likely push it to $1415 ahead of $1395.

Palladium continued its journey through the uncharted territory to a new all-time high of $845.75. On the lower side levels to watch are $830, $815 and $800, but as long as $770 holds, the metal has its upward momentum intact.