Key Insights
- Gold failed to settle above the $2000 level.
- Silver moved towards the $24.80 level as Treasury yields rebounded from recent lows.
- Platinum settled near the $1100 level.
Gold
Gold made an attempt to settle above the $2000 level but lost momentum and pulled back as Treasury yields rebounded from recent lows. U.S. dollar’s pullback did not provide sufficient support to gold markets in today’s trading session.
If gold gets below the nearest support level at $1980, it will head towards the next support at $1960. A successful test of this level will open the way to the test of the support at $1935.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1960 – S3:$1935
Silver
Silver continues to move lower as traders focus on rising Treasury yields and recession risks.
If silver declines below the support at $24.65, it will move towards the next support level at $24.30. A move below $24.00 will push silver towards the $24.00 level.
R1:$25.00 – R2:$25.30 – R3:$25.60
S1:$24.65 – S2:$24.35 – S3:$24.00
Platinum
Platinum tested resistance at $1115 but lost momentum and pulled back towards the $1100 level. The recent moves were strong, and traders have mostly ignored the developments in other markets as platinum tried to stabilize after the volatility.
If platinum settles back above $1100, it will head towards the $1115 level. A move above this level will open the way to the test of the resistance at $1140.
R1:$1100 – R2:$1115 – R3:$1140
S1:$1080 – S2:$1065 – S3:$1050
For a look at all of today’s economic events, check out our economic calendar.
