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Gold, Silver, Platinum – Gold Pulls Back As Traders Take Some Profits Off The Table

By:
Vladimir Zernov
Published: May 10, 2023, 16:50 GMT+00:00

U.S. inflation data did not provide support to gold and silver markets.

Gold

In this article:

Key Insights

  • Gold tests the support level at $2025.
  • Silver pulled back towards the $25.30 level after an unsuccessful attempt to settle above $25.90.
  • Platinum is trying to settle above the resistance at $1115.

Gold

Gold
Gold 100523 Daily Chart

Gold declined towards the support at $2025 despite the pullback in Treasury yields. Traders continued to take profits near yearly highs, and it looks that gold needs additional catalysts to test the resistance near the $2070 level.

If gold settles back below the support at $2025, it will head towards the next support at $2010. A move below $2010 will push gold towards the $2000 level.

R1:$2050 – R2:$2070 – R3:$2100

S1:$2025 – S2:$2010 – S3:$2000

Silver

Silver
Silver 100523 Daily Chart

Silver  pulled back towards the $25.30 level as traders reacted to U.S. inflation data. While Inflation Rate declined, which means that Fed may start cutting rates in the upcoming months, traders are not ready to increase their bullish bets on silver.

A successful test of the support at $25.30 will push silver towards the next support level at $25.00. In case silver settles below $25.00, it will head towards the support at $24.60.

R1:$25.60 – R2:$26.00 – R3:$26.30

S1:$25.30 – R2:$25.00 – R3:$24.60

Platinum

Platinum
Platinum 100523 Daily Chart

Platinum continues its attempts to settle above the $1115 level amid a strong rally in palladium markets.

If platinum settles above $1115, it will head towards the resistance at $1140. A move above $1140 will push platinum towards the $1165 level.

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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