Gold, Silver, Platinum – Silver Drops 1.5% Amid Recession Worries

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.