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Gold, Silver, Platinum – Gold Slips Below $1950 As Dollar Tests New Highs

By:
Vladimir Zernov
Published: May 25, 2023, 17:46 GMT+00:00

Silver declined by more than 1% while platinum made an attempt to stabilize after the recent sell-off.

Gold, Silver, Platinum – Gold Slips Below $1950 As Dollar Tests New Highs

In this article:

Key Insights

  • Gold settled below the $1950 level. 
  • Silver moved below $23.00 amid rising Treasury yields. 
  • Platinum stabilized near $1025 after the recent sell-off. 

Gold

Gold
Gold 250523 Daily Chart

Gold tested new lows as traders focused on strong dollar and rising Treasury yields. Debt ceiling negotiations continue, so traders should be prepared for volatility.

If gold settles below the support at $1930, it will head towards the next support level at $1915. A successful test of this level will push gold towards the support at $1900.

R1:$1950 – S2:$1965 – S3:$1980

S1:$1930 – R2:$1915 – R3:$1900

Silver

Silver
Silver 250523 Daily Chart

Silver has also tested new lows as traders remained focused on rising Treasury yields.

A successful test of the support at $22.90 will push silver towards the next support level at $22.60. In case silver declines below $22.60, it will move towards the support at $22.15.

R1:$23.25 – R2:$23.50 – R3:$23.80

S1:$22.90 – S2:$22.60 – S3:$22.15

Platinum

Platinum
Platinum 250523 Daily Chart

Platinum is trying to stabilize after the recent sell-off as some traders are ready to bet that U.S. will soon announce a debt ceiling deal.

The nearest resistance level for platinum is located at $1040. If platinum settles above this level, it will move towards the next resistance at $1065.

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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