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Gold, Silver, Platinum – Gold Markets Test Multi-Month Highs

By:
Vladimir Zernov
Published: Mar 17, 2023, 16:43 GMT+00:00

Gold and silver gain ground as traders focus on falling Treasury yields and rising demand for safe-haven assets.

Gold

In this article:

Key Insights

  • Gold gains ground amid rising demand for safe-haven assets. 
  • Silver tries to settle above the resistance at $22.00.
  • Platinum pulls back after an unsuccessful test of the $1000 level.

Gold

Gold
Gold 170323 Daily Chart

Gold rallied towards multi-month highs as demand for safe-haven assets remained strong. The yield of 10-year Treasuries dropped towards the 3.40% level, providing additional support to gold markets.

Silver

Silver
Silver 170323 Daily Chart

Silver continues its attempts to settle above the $22.00 level. RSI remains in the moderate territory, so there is enough room to gain additional upside momentum in case the right catalysts emerge. If silver settles above $22.00, it will head towards the next resistance at the recent highs near the $22.40 level.

Platinum

Platinum
Platinum 170323 Daily Chart

Platinum  pulled back towards the $975 level after an unsuccessful attempt to settle above $1000. While lower Treasury yields are bullish for platinum, traders are worried that the potential banking crisis may lead to a slowdown in the world economy and reduce demand for platinum.

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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