Key Insights
- Gold declined as traders focused on strong U.S. dollar.
- Silver pulled back towards the $23.00 level.
- Platinum settled near $1025 amid a strong sell-off in precious metals markets.
Gold
Gold pulled back below the $1960 level as U.S. dollar tested new highs amid debt ceiling uncertainty. Rising Treasury yields put additional pressure on gold and other precious metals.
A move below the support at $1950 will open the way to the test of the support level at $1930. If gold declines below $1930, it will move towards the next support at $1915.
R1:$1965 – R2:$1980 – R3:$2000
S1:$1950 – S2:$1930 – S3:$1915
Silver
Silver moved towards the $23.00 level as the pullback continued. Traders remain focused on U.S. debt ceiling negotiations, strong dollar, and rising Treasury yields.
In case silver settles below the support at $22.90, it will head towards the next support level at $22.60. A move below $22.60 will push silver towards the support at $22.15.
R1:$23.25 – R2:$23.50 – R3:$23.80
S1:$22.90 – S2:$22.60 – S3:$22.15
Platinum
Platinum declined by 2.5% amid a broad sell-off in precious metals markets. Traders remain worried about a potential recession.
If platinum settles below the support at $1015, it will head towards the next support level at $1000. A successful test of this level will open the way to the test of the support at $980.
R1:$1040 – R2:$1065 – R3:$1080
S1:$1015 – S2:$1000 – S3:$980
For a look at all of today’s economic events, check out our economic calendar.
