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Gold, Silver, Platinum – Gold Climbed Back Above $2000

By:
Vladimir Zernov
Published: Apr 11, 2023, 16:42 GMT+00:00

U.S. dollar's pullback provided significant support to precious metals.

Gold

In this article:

Key Insights

  • Gold settled back above the key $2000 level. 
  • Silver tested resistance at $25.00.
  • Platinum remained stuck near the $1000 level. 

Gold

Gold
Gold 110423 Daily Chart

Gold moved back above the $2000 level and is trying to settle above the next resistance at $2010 as U.S. dollar pulls back against a broad basket of currencies.

In case this attempt is successful, gold will move towards the resistance at $2025. A successful test of the resistance at $2025 will push gold towards the resistance level at $2050.

R1:$2010 – R2:$2025 – R3:$2050

S1:$2000 – S2:$1980 – S3:$1960

Silver

Silver
Silver 110423 Daily Chart

Silver continues its attempts to settle above the $25.00 level. Demand for safe-haven precious metals remains strong, and silver bulls ignore rising Treasury yields.

If silver settles above $25.00, it will get to the test of the resistance at $25.30. On the support side, a move below the $25.00 level will push silver towards the support level at $24.65.

R1:$25.00 – R2:$25.30 – R3:$25.60

S1:$24.65 – S2:$24.50 – S3:$24.00

Platinum

Platinum
Platinum 110423 Daily Chart

Platinum settled near the $1000 level despite the bullish sentiment in precious metals markets.

If silver stays above the support at $1000, it will move towards the next resistance level at $1030. A successful test of this level will push platinum towards the resistance at $1050.

R1:$1030 – R2:$1050 – R3:$1065

S1:$1000 – S2:$985 – S3:$965

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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