Key Insights
- Gold pulled back below the $2000 level.
- Silver gained downside momentum after an unsuccessful attempt to settle above $26.00
- Platinum tested support at $1065.
Gold
Gold continues to consolidate below the $2000 level. Today, gold made an attempt to settle above $2000 but lost momentum as Treasury yields moved towards weekly highs.
In case gold declines below the $1980 level, it will head towards the next support level at $1960. On the upside, a move above $2000 will push gold towards the resistance at $2010.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1960 – S3:$1935
Silver
Silver tried to test the $26.00 level but lost momentum and pulled back below $25.00. Banking crisis fears and higher Treasury yields served as negative catalysts for silver.
The nearest support level for silver is located at $24.65. In case silver declines below this level, it will head towards the support at $24.35. A move below $24.35 will push silver towards the support at $24.00.
R1:$24.65 – R2:$24.35 – R3:$24.00
S1:$25.00 – S2:$25.30 – S3:$25.60
Platinum
Platinum remained under pressure as traders focused on stronger dollar, rising yields, and problems of U.S. regional banks.
A move below the $1065 level will push platinum towards the support at $1050. In case platinum manages to settle below $1050, it will head towards the next support level at $1030.
R1:$1080 – R2:$1100 – R3:$1115
S1:$1065 – R2:$1050 – R3:$1030
For a look at all of today’s economic events, check out our economic calendar.
