Key Insights
- Gold pulled back below the key $2000 level.
- Silver tested new lows as the pullback continued.
- Platinum was mostly flat amid reports arguing that platinum markets face deficit.
Gold
Gold declined below the $2000 level amid rising Treasury yields. At this point, the debt ceiling uncertainty did not provide support to gold markets.
The nearest support level for gold is located at $1980. If gold declines below this level, it will head towards the next support level at $1965.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1965 – S3:$1950
Silver
Silver remains under pressure as traders focus on rising yields and stronger dollar.
If silver settles below the support level at $23.50, it will head towards the next support at $23.25. A successful test of this level will push silver towards the support at $22.90.
R1:$23.80 – R2:$24.20 – R3:$24.60
S1:$23.50 – S2:$23.25 – S3:$22.90
Platinum
Platinum is mostly flat despite the broad pullback in precious metals markets. Traders focus on recent reports, which indicate that rising demand from automakers and investors could push platinum into deficit.
In case platinum manages to settle above $1080, it will head towards the next resistance at $1100. A move above $1100 will open the way to the test of the resistance at $1115.
R1:$1080 – R2:$1100 – R3:$1115
S1:$1065 – S2:$1040 – S3:$1015
For a look at all of today’s economic events, check out our economic calendar.