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Gold, Silver, Platinum – Gold Tries To Settle Above $2025 As Dollar Declines

By:
Vladimir Zernov
Published: May 8, 2023, 17:38 GMT+00:00

Gold is gaining ground despite rising Treasury yields, while silver remains under pressure.

Gold

In this article:

Key Insights

  • Gold is moving higher as traders focus on the weakness of the American currency. 
  • Silver is trying to settle below the support at $25.60.
  • Platinum rallied towards the $1080 level. 

Gold

Gold
Gold 080523 Daily Chart

Gold is currently trying to settle back above the $2025 level as U.S. dollar remains under pressure. Traders ignore rising Treasury yields and focus on the weakness of the American currency.

If gold settles above $2025, it will move towards the resistance at $2050. A successful test of the resistance at $2050 will push gold towards the next resistance at $2070.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver
Silver 080523 Daily Chart

Silver settled near the support level at $25.60 as traders wait for additional catalysts.

In case silver manages to settle below $25.60, it will head towards the next support level at $25.30. A successful test of this level will push silver towards the $25.00 level.

R1:$26.00 – R2:$26.30 – R3:$26.50

S1:$25.60 – S2:$25.30 – S3:$25.00

Platinum

Platinum
Platinum 080523 Daily Chart

Platinum is trying to settle above the $1080 level as traders react to the rally in palladium markets, which are up by 4.5% in today’s trading session.

A move above $1080 will push platinum towards the resistance at $1100. In case platinum climbs above this level, it will head towards the next resistance at $1115.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1050 – S3:$1030

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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