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Gold, Silver, Platinum – Platinum Gains 3% As Traders Bet On A Rebound

By:
Vladimir Zernov
Published: Jun 5, 2023, 17:25 GMT+00:00

Gold received support near $1940 and climbed back towards the $1960 level.

Gold

In this article:

Key Insights

  • Gold moved towards $1960 after the recent pullback. 
  • Silver climbed back above the $23.50 level. 
  • Platinum gained strong upside momentum and tested resistance at $1040.

Gold

Gold
Gold 050623 Daily Chart

Gold rebounded towards the $1960 level as U.S. dollar lost some ground against a broad basket of currencies.

The nearest resistance level for gold is located at $1965. In case gold climbs above this level, it will move towards the next resistance at $1980.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver
Silver 050623 Daily Chart

Silver managed to rebound from session lows but it remains to be seen whether it will be able to gain sustainable momentum in absence of additional positive catalysts.

A move above the $23.80 level will push silver towards the resistance at $24.10. On the support side, a successful test of the $23.50 level will open the way to the test of the next support level at $23.25.

R1:$23.80 – R2:$24.10 – R3$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Silver
Silver 050623 Daily Chart

Platinum gained ground as traders bet on the rebound after the multi-week pullback.

A move above the $1040 level will push platinum towards the resistance at $1065. If platinum settles above $1065, it will head towards the next resistance at $1085.

R1:$1040 – R2:$1065 – R3:$1085

S1:$1015 – S2:$1000 – S3:$980

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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