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Gold, Silver, Platinum – Gold Markets Pulled Back From Session Highs

By:
Vladimir Zernov
Published: Feb 8, 2023, 17:25 GMT+00:00

Traders focus on the comments from Fed's Williams, who shared his views on the peak rate in 2023.

Gold

In this article:

Key Insights

  • Gold attempts to settle above the $1875 level. 
  • Silver managed to gain upside momentum and tests the $22.50 level. 
  • Platinum is trading near the important support at $970.

Gold

Gold
Gold 080223 Daily Chart

Gold continues its attempts to settle above the $1875 level. The U.S. dollar is swinging between gains and losses, so gold has a chance to gain additional upside momentum. However, the recent comments from Fed’s Williams, who sees the peak rate in the 5%-5.25% range, may put some pressure on gold markets.

Silver

Silver
Silver 080223 Daily Chart

Silver is currently trying to settle above the $22.50 level. This level has already been tested several times and proved its strength. If silver climbs above $22.50, it will have a good chance to gain additional upside momentum.

Platinum

Platinum
Platinum 080223 Daily Chart

Platinum failed to test the $1000 level and pulled back towards the support level at $970. This support level is important for platinum as the metal found significant support in this area in November and December. A move below the $970 level may lead to a sell-off.

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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