Gold, Silver, Platinum – Silver Rebounds From Multi-Week Lows

Key Insights

• Gold rebounded from session lows amid rising demand for safe-haven assets. 
• Silver climbed back towards $23.50 after testing multi-week lows near $23.10.
• Platinum found itself under pressure as traders focused on disappointing PMI reports from developed economies. 

Gold

Gold rebounded from session lows despite stronger dollar and rising Treasury yields. There is some demand for gold as U.S. debt ceiling negotiations continue.

In case gold manages to climb back above the $1980 level, it will head towards the resistance at $2000. On the support side, a move below the $1965 level will open the way to the test of the support level at $1950.

R1:$1980 – R2:$2000 – R3:$2010

S1:$1965 – S2:$1950 – S3:$1930

Silver

Silver tested multi-week lows near $23.10 but lost momentum and rebounded towards the $23.50 level.

If silver stays above $23.50, it will move towards the resistance at $23.80. A move above $23.80 will push silver towards the $24.20 level.

R1:$23.80 – R2:$24.20 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum pulled back as traders focused on disappointing Manufacturing PMI reports from developed countries.

In case platinum settles below the $1040 level, it will head towards the support at $1015. A successful test of this level will push platinum towards the next support at the key $1000 level.

R1:$1065 – R2:$1080 – R3:$1100

S1:$1040 – S2:$1015 – S3:$1000

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