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Gold, Silver, Platinum – Gold Retreats As Treasury Yields Test Weekly Highs

By:
Vladimir Zernov
Published: Jun 7, 2023, 16:45 GMT+00:00

Rising Treasury yields put material pressure on precious metals markets.

Gold

In this article:

Key Insights

  • Gold settled below the $1950 level. 
  • Silver pulled back towards $23.50 after an unsuccessful attempt to settle above $24.10.
  • Platinum failed to settle above the resistance at $1040 and pulled back. 

Gold

Gold
Gold 070623 Daily Chart

Gold pulled back as Treasury yields tested new highs. Bond markets expect that U.S. will actively borrow money after the debt ceiling was raised, so traders sell bonds as they expect higher yields in the future.

If gold settles below the support at $1930, it will move towards the next support at $1915. A move below this level will open the way to the test of the support at $1900.

R1:$1950 – R2:$1965 – R3:$1980

S1:$1930 – S2:$1915 – S3:$1900

Silver

Silver
Silver 070623 Daily Chart

Silver pulled back after an unsuccessful attempt to settle above the resistance at $24.10 as traders focused on rising Treasury yields.

If silver settles below $23.50, it will head towards the next support at $23.25. A move below $23.25 will push silver towards the $22.90 level.

R1:$23.80 – R2:$24.10 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum
Platinum 070623 Daily Chart

Platinum  declined amid a broad pullback in precious metals markets. The resistance level at $1040 has proved its strength.

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

R1:$1040 – R2:$1065 – R3:$1085

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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