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Gold, Silver, Platinum – Gold Pulls Back As Treasury Yields Rise

By:
Vladimir Zernov
Published: Apr 27, 2023, 17:11 GMT+00:00

U.S. dollar's rebound served as an additional bearish catalyst for precious metals.

Gold

In this article:

Key Insights

  • Gold tested support at the $1980 level. 
  • Silver remained stuck in the $24.65 – $25.00 range. 
  • Platinum declined below the $1100 level amid a broad pullback in precious metals markets. 

Gold

Gold
Gold 270423 Daily Chart

Gold pulled back towards the $1980 level as Treasury yields continued to rebound. The U.S. dollar moved higher against a broad basket of currencies, putting additional pressure on gold markets.

In case gold manages to settle below the $1980 level, it will move towards the support at $1960. On the upside, a move above the resistance at $2000 will push gold towards the resistance at $2010.

R1:$2000 – R2:$2010 – R3:$2025

S1:$1980 – S2:$1960 – S3:$1935

Silver

Silver
Silver 270423 Daily Chart

Silver tested support at $24.65 but failed to develop sufficient downside momentum. Stronger dollar and rising Treasury yields put pressure on silver.

The nearest resistance level for silver is located at $25.00. If silver gets above this level, it will move towards the next resistance level at $25.30. On the support side, a successful test of the $24.65 level will push silver towards the support at $24.35.

R1:$25.00 – R2:$25.30 – R3:$25.60

S1:$24.65 – S2:$24.35 – S3:$24.00

Platinum

Platinum
Platinum 270423 Daily Chart

Platinum  declined below the $1100 level amid a broad pullback in precious metals markets.

If platinum settles below the nearest support at $1080, it will head towards the next support level at $1065. A move below this level will open the way to the test of the support at $1050.

R1:$1100 – R2:$1115 – R3:$1140

S1:$1080 – S2:$1065 – S3:$1050

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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