Key Insights
- Gold is trading in the $1980 – $2000 range.
- Silver pulled back towards the $24.75 level as traders focused on recession risks.
- Platinum received support near $1070 and rebounded towards the $1090 level.
Gold
Gold is mostly flat in today’s trading session. U.S. dollar is moving higher against a broad basket of currencies as demand for safe-haven assets increases, which is bearish for gold markets. At the same time, the pullback in Treasury yields serves as a positive catalyst for gold.
From the technical point of view, gold is stuck in the $1980 – $2000 range. A move out of this range will provide gold with an opportunity to gain sustainable momentum.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1960 – S3:$1935
Silver
Silver is down by more than 1.5% amid recession worries. Industrial demand is important for silver, so the potential slowdown of the world economy is bearish for silver prices.
If silver settles below the support at $24.65, it will head towards the next support level at $24.35. A successful test of this level will push silver towards the support at $24.00.
R1:$25.00 – R2:$25.30 – R3:$25.60
S1:$24.65 – S2:$24.35 – S3:$24.00
Platinum
Platinum rebounded from session lows as traders used the strong pullback as an opportunity to increase their long positions.
If platinum settles back above the $1100 level, it will head towards the resistance at $1115. A move above $1115 will open the way to the test of the next resistance near the recent highs at $1140.
For a look at all of today’s economic events, check out our economic calendar.
