Advertisement
Advertisement

Gold, Silver, Platinum – Silver Dives 1.9% As Traders Focus On Rising Yields

By:
Vladimir Zernov
Published: Jul 6, 2023, 17:36 UTC

Gold and platinum are also losing ground amid a broad pullback in precious metals markets.

Gold

In this article:

Key Insights

  • Gold is trying to settle below the $1910 level. 
  • Silver moved below the $23.00 level as Treasury yields tested new highs. 
  • Platinum tested support at the $900 level.

Gold

Gold
Gold 060723 Daily Chart

Gold is losing ground as traders focus on rising Treasury yields. At the same time, rising demand for safe-haven assets provides some support to gold markets.

In case gold manages to settle below the $1910 level, it will move towards the next support in the $1875 – $1885 area.

Silver

Silver
Silver 060723 Daily Chart

Silver settled back below the $23.00 level as gold/silver ratio rebounded above the 84 level.

If silver settles below the support at $22.70 – $22.85, it will head towards the next support level at $22.00 – $22.20.

Platinum

Platinum
Platinum 060723 Daily Chart

Platinum has also moved lower amid a broad pullback in precious metals markets, which was triggered by rising government bond yields.

If platinum manages to settle below the $900 level, it will head towards the next support, which is located in the $870 – $880 area.

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.

Did you find this article useful?

Advertisement