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

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 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 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  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

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