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