Key Insights
- Gold remains under pressure after the successful test of the key support at $2000.
- Silver tries to rebound as traders focus on the recent comments from U.S. President Joe Biden.
- Platinum moves higher amid worries about a potential deficit in the second half of the year.
Gold
Gold remains under pressure as Treasury yields rise. The U.S. dollar tested multi-week highs, which served as an additional bearish catalyst for gold markets.
In case gold settles below the $1980 level, it will move towards the support at $1965. A successful test of the support at $1965 will open the way to the test of the next support level at $1950.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1965 – S3:$1950
Silver
Silver rebounded from session lows as traders bet that U.S. will avoid a default after positive comments from U.S. President Joe Biden.
In case silver settles back above the $23.80 level, it will move towards the resistance at $24.20. A move above $24.20 will push silver towards the $24.60 level.
R1:$23.80 – R2:$24.20 – R3:$24.60
S1:$23.50 – S2:$23.25 – S3:$22.90
Platinum
Platinum continues to rebound as traders focus on the potential deficit of the metal in the second half of this year.
If platinum climbs above the $1080 level, it will head towards the next resistance at $1100. On the support side, a move below $1065 will open the way to the test of the next support level at $1040.
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.