Key Insights
- Rising demand for safe-haven assets provided some support to gold markets.
- Silver remained under pressure as traders focused on recession risks.
- Platinum gained strong downside momentum and moved towards the support at $1065.
Gold
Gold remains mostly flat despite the strong rebound of the U.S. dollar. Demand for safe-haven assets is rising, providing support to gold markets.
In case gold settles back above the $2025 level, it will move towards the resistance at $2050. On the support side, a move below the $2010 level will push gold towards the next support at $2000.
R1:$2025 – R2:$2050 – R3:$2070
S1:$2010 – S2:$2000 – S3:$1980
Silver
Silver remains under strong pressure amid recession worries. The weaker-than-expected Michigan Consumer Sentiment report put additional pressure on silver.
A move below the support at $23.80 will push silver towards the next support level, which is located at $23.50. If silver declines below $23.50, it will head towards the $23.25 level.
R1:$24.20 – R2:$24.60 – R3:$25.00
S1:$23.80 – S2:$23.50 – S3:$23.25
Platinum
Platinum continues to move lower amid a broad pullback in precious metals markets.
A successful test of the support at $1065 will open the way to the test of the next support level at $1040. If platinum declines below this level, it will head towards the support at $1015.
For a look at all of today’s economic events, check out our economic calendar.