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Gold, Silver, Platinum – Gold Rebounds From Multi-Week Lows

By:
Vladimir Zernov
Published: May 30, 2023, 17:22 GMT+00:00

The pullback in Treasury yields provided support to gold markets, while platinum moved lower as traders focused on recession risks.

Gold

In this article:

Key Insights

  • Gold received support near the $1930 level and moved back above the $1950 level. 
  • Silver settled in the $22.90 – $23.25 range. 
  • Platinum moved towards the support at $1015 amid recession worries. 

Gold

Gold
Gold 300523 Daily Chart

Gold rebounded from session lows as traders focused on the pullback in Treasury yields.

In case gold manages to settle back above the $1965 level, it will move towards the resistance at $1980. A successful test of this level will push gold towards the $2000 level.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver
Silver 300523 Daily Chart

Silver is swinging between gains and losses as traders wait for additional catalysts.

In case silver moves above the $23.25 level, it will head towards the resistance at $23.50. On the support side, a successful test of the $22.90 level will push silver towards the next support at $22.60.

R1:$23.25 – R2:$23.50 – R3:$23.80

S1:$22.90 – S2:$22.60 – S3:$22.15

Platinum

Platinum
Platinum 300523 Daily Chart

Platinum pulled back towards the low end of the current trading range amid recession worries.

If platinum settles below $1015, it will head towards the support at the $1000 level. A move below this level will push platinum towards the support at $980.

R1:$1040 – R2:$1065 – R3:$1080

S1:$1015 – S2$1000 – S3$980

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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