Gold and silver bars are pictured at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna August 26, 2011.
Precious metal off lows as dollar pares gains but largely remain near multi-year lows Reuters

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.