Gold, Silver, Platinum – Gold Tests Multi-Week Highs

Key Insights

• Gold is trying to settle above the resistance at $2025.
• Silver is mostly flat as traders wait for Fed decision. 
• Platinum declined towards the $1050 level amid recession worries. 

Gold

Gold continues to move higher ahead of the Fed decision. U.S. dollar’s pullback and lower Treasury yields served as positive catalysts for gold markets today.

If gold gets above the resistance at $2025, it will move towards the next resistance level at $2050. On the support side, a move below $2010 will push gold back towards the $2000 level.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver is trying to settle above the $25.60 level as U.S. dollar is losing ground against a broad basket of currencies.

In case silver moves above $25.60, it will head towards the resistance at $26.00. On the support side, a successful test of the $25.30 level will open the way to the test of the support at $25.00.

R1:$25.60 – R2:$26.00 – R3:$26.30

S1:$25.30 – S2:$25.00 – S3:$24.65

Platinum

Platinum is under pressure as traders focus on recession risks and the banking crisis in the U.S.

A move below the support at $1050 will push platinum towards the next support level at $1030. In case platinum declines below this level, it will head towards the support at $1000.

R1:$1065 – R2:$1080 – R3:$1100

S1:$1050 – S2:$1030 – S3:$1000

For a look at all of today’s economic events, check out our economic calendar.