Gold, Silver, Platinum – Silver Plunges 4.5%, Breaking Through Key Support Level

Key Insights

• Gold settled below the $2025 level. 
• Silver suffered a strong sell-off and moved towards the support at $24.20.
• Platinum tested the support at $1100 amid a broad sell-off in precious metals markets. 

Gold

Gold pulls back amid a broad sell-off in precious metals markets, which was triggered by the rebound of the U.S. dollar.

A move below the support at $2010 will push gold towards the next support level at $2000. In case gold declines below $2000, it will head towards the support at $1980.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver plunged below the key support at $24.60 as profit-taking turned into a real panic.

If silver settles below the support level at $24.20, it will head towards the next support level at $23.80. A successful test of this level will push silver towards the next support at $23.50.

R1:$24.60 – R2:$25.00 – R3:$25.30

S1:$24.20 – S2:$23.80 – S3:$23.50

Platinum

Platinum has also found itself under pressure as traders rushed to take some profits off the table after the recent rebound.

In case platinum settles below the $1100 level, it will head towards the support at $1080. A move below $1080 will open the way to the test of the support at $1065.

R1:$1115 – R2:$1140 – R3:$1165

S1:$1100 – S2:$1080 – S3:$1065

For a look at all of today’s economic events, check out our economic calendar.