Gold, Silver, Platinum – Silver Gains 2% As Traders Buy The Dip

Vladimir Zernov
Published: May 26, 2023, 16:55 UTC

Precious metals are moving higher despite rising Treasury yields.


In this article:

Key Insights

  • Gold did not manage to settle above the $1950 level as Treasury yields moved higher. 
  • Silver rebounded above the $23.00 level. 
  • Platinum remained stuck in the $1015 – $1040 range. 


Gold 260523 Daily Chart

Gold made an attempt to settle above the $1950 level but lost momentum as Treasury yields continued to move higher after the release of the PCE Price Index report.

In case gold settles below the support at $1930, it will move towards the next support level at $1915. On the upside, a successful test of the resistance at $1950 will open the way to the test of the next resistance level at $1965.

R1:$1950 – R2:$1965 – R3:$1980

S1:$1930 – S2:$1915 – S3:$1900


Silver 260523 Daily Chart

Silver enjoyed a strong rebound as traders used the recent sell-off as an opportunity to establish positions at attractive price levels.

If silver settles above the resistance at $23.25, it will head towards the next resistance level at $23.50. A successful test of the resistance at $23.50 will push silver towards the $23.80 level.

R1:$23.25 – R2:$23.50 – R3:$23.80

S1:$22.90 – S2:$22.60 – S3:$22.15


Platinum 260523 Daily Chart

Platinum settled in the $1015  – $1040 range as traders wait for the outcome of U.S. debt ceiling negotiations.

If platinum moves back above the $1040 level, it will head towards the resistance at $1065. On the support side, a move below $1015 will push platinum towards the psychologically important $1000 level.

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.

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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