Gold, Silver, Platinum – Gold And Silver Rebound As Dollar Declines

Key Insights

• Gold climbed back above the $1980 level as traders focused on lower Treasury yields and weaker dollar. 
• Silver managed to settle back above the $25.00 level. 
• Platinum is down by more than 3.5% amid profit-taking. 

Gold

Gold rebounded above the $1980 level as U.S. dollar declined against a broad basket of currencies. Lower Treasury yields served as an additional bullish catalyst for gold markets.

In case gold stays above $1980, it will head towards the resistance at the $2000 level. A move above this level will push gold towards the next resistance at $2010.

R1:$2000 – R2:$2010 – R3:$2025

S1:$1980 – S2:$1960 – S3:$1935

Silver

Silver settled back above the $25.00 level as traders focused on weaker dollar and lower Treasury yields.

The nearest resistance level for silver is located at $25.30. In case silver climbs above this level, it will head towards the next resistance at $25.60. On the support side, a move below the $25.00 level will open the way to the test of the support at $24.65.

R1:$25.30 – R2:$25.60 – R3:$25.80

S1:$25.00 – S2:$24.65 – S3:$24.35

Platinum

Platinum retreats as traders take profits after the recent rally. Recession worries served as an additional bearish catalyst for platinum in today’s trading session.

In case platinum gets below the nearest support level at $1080, it will head towards the next support level at $1065. A successful test of this level will push platinum towards the support at $1050.

R1:$1100 – R2:$1115 – R3:$1140

S1:$1080 – S2:$1065 – S3:$1050

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