Gold, Silver, Platinum – Gold Moved Towards All-Time Highs Amid Rising Demand For Safe-Haven Assets

Key Insights

• Gold tests new highs as traders focus on the U.S. banking crisis. 
• Silver rallied as gold/silver ratio moved towards multi-month lows. 
• Platinum remains under pressure amid recession worries. 

Gold

Gold continues to move higher as demand for safe-haven assets rises. The shares of U.S. regional banks are under strong pressure in today’s trading session as traders worry about the banking crisis, which is bullish for gold markets.

If gold settles above the $2050 level, it will move towards the next resistance at $2070. A successful test of the resistance at $2070 will push gold towards the $2100 level.

R1:$2050 – R2:$2070 – R3:$2100

S1:$2025 – S2:$2010 – S3:$2000

Silver

Silver rallies as gold/silver ratio moves closer to multi-month lows. Interestingly, recession worries do no put any material pressure on silver.

If silver settles above the $26.00 level, it will head towards the resistance at $26.30. A move above $26.30 will push silver towards the $26.50 level.

R1:$26.00 – R2$26.30 – R3$26.50

S1:$25.60 – S2:$25.30 – S3:$25.00

Platinum

Platinum  remains under pressure as traders fear that economic problems will hurt demand for the metal.

If platinum settles below $1030, it will move towards the support at $1000. On the upside, a move above the $1050 level will push platinum towards the resistance at $1065.

R1:$1050 – R2:$1065 – R3:$1080

S1:$1030 – S2:$1000 – S3:$980

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