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Gold, Silver, Platinum – Gold Declines As Dollar Rebounds From Weekly Lows

By:
Vladimir Zernov
Published: Mar 31, 2023, 17:15 GMT+00:00

The rally in silver markets continued amid healthy demand for precious metals.

Gold

In this article:

Key Insights

  • Gold failed to settle above the resistance at $1980.
  • Silver moved above the $24.00 level. 
  • Platinum tested resistance at $1000.

Gold

Gold
Gold 310323 Daily Chart

Gold failed to settle above the resistance at $1980 and pulled back towards the $1975 level. Treasury yields are moving lower, which is bullish for gold. However, traders are focused on the rebound of the U.S. dollar, which serves as a bearish catalyst for gold markets.

Silver

Silver
Silver 310323 Daily Chart

Silver managed to climb above the $24.00 level and is trying to gain additional upside momentum. Traders should note that silver entered into the strong resistance area in the $24.00 – $24.50 range while RSI moved into the overbought territory. The risks of a pullback are increasing, and silver markets will need material catalysts to maintain the current trend.

Platinum

Platinum
Platinum 310323 Daily Chart

Platinum made an attempt to settle above the $1000 level as demand for precious metals remained strong. A successful test of the resistance at $1000 will push platinum towards the $1030 level.

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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