Gold, Silver, Platinum – Gold Retreats As Dollar Moves Higher

Key Insights

• Gold moved below the $2000 level. 
• Silver failed to settle above the resistance at $25.00.
• Platinum pulled back towards the $1000 level. 

Gold

Gold pulled back below the $2000 level as traders continued to take profits after the recent rally. The rebound of the U.S. dollar served as an additional bearish catalyst for gold markets.

The nearest support level for gold is located at $1980. If gold settles below this level, it will move towards the next support level at $1960. On the upside, a move above the $2000 level will push gold towards the resistance at $2010.

R1:$2000 – R2:$2010 – R3:$2025

S1:$1980 – R2:$1960 – R3:$1940

Silver

Silver made another attempt to settle above the $25.00 level but lost momentum and pulled back. Stronger dollar and rising Treasury yields put material pressure on gold markets in today’s trading session.

In case silver settles below the support at $24.65, it will head towards the next support level at $24.50. A move below this level will open the way to the test of the support at $24.00.

R1:$25.00 – R2:$25.30 – R3:$25.60

S1:$24.65 – S2:$24.50 – S3:$24.00

Platinum

Platinum is trying to settle below the $1000 level amid a broad pullback in precious metals markets.

In case this attempt is successful, platinum will head towards the next support level, which is located at $985. On the upside, platinum needs to settle above the resistance at $1030 to continue its rebound from February lows.

R1:$1030 – R2:$1050 – R3:$1065

S1:$1000 – S2:$985- S3:$965

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