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Gold, Silver, Platinum – Gold Moves Higher Amid Rising Demand For Safe-Haven Assets

By:
Vladimir Zernov
Published: May 9, 2023, 17:07 GMT+00:00

Precious metals moved higher despite rising Treasury yields and the rebound of the U.S. dollar.

Gold

In this article:

Key Insights

  • Gold managed to settle above the resistance at $2025.
  • Silver rebounded towards the $25.60 level. 
  • Platinum gained 3% as the strong rebound continued. 

Gold

Gold
Gold 090523 Daily Chart

Gold moved above the $2025 level as market sentiment remained bullish despite rising Treasury yields. The rebound of the U.S. dollar did not put any pressure on gold markets.

The nearest resistance level for gold is located at $2050. A move above this level will push gold towards the resistance at $2070. In case gold settles above $2070, it will head towards the $2100 level.

R1:$2050 – R2:$2070 – R3:$2100

S1:$2025 – S2:$2010 – S3:$2000

Silver

Silver
Silver 090523 Daily Chart

Silver is currently trying to climb back above the resistance at $25.60 amid rising demand for safe-haven assets.

A move above $25.60 will open the way to the test of the resistance at $26.00. In case silver manages to settle above this level, it will head towards the next resistance at $26.30.

R1:$25.60 – R2:$26.00 – R3:$26.30

S1:$25.30 – S2:$25.00 – S3:$24.60

Platinum

Platinum
Platinum 090523 Daily Chart

Platinum is trying to settle above the resistance at $1115 as the strong rebound continues.

In case platinum manages to settle above $1115, it will head towards the next resistance at $1140. A successful test of the resistance at $1140 will push platinum towards the resistance at $1165.

R1:$1115 – R2:$1140 – R3:$1165

S1:$1100 – S2:$1080 – S3:$1065

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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