Gold, Silver, Platinum – Gold Gains Ground As Dollar Pulls Back

Key Insights

• Gold is moving towards the resistance level at $2025.
• Silver rebounded above the $24 level. 
• Platinum gained 2% amid a broad rebound in precious metals markets.

Gold

Gold is gaining some ground today despite rising Treasury yields. The U.S. debt ceiling story boosts demand for precious metals, while U.S. dollar’s pullback serves as an additional positive catalyst.

A move above $2025 will push gold towards the resistance at $2050. In case gold climbs above this level, it will head towards the next resistance at $2070.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver rebounds after the recent sell-off amid rising demand for precious metals.

If silver moves above the resistance at $24.20, it will head towards the next resistance level at $24.60. On the support side, a move below $23.80 will open the way to the test of the support at $23.50.

R1:$24.20 – R2:$24.60 – R3:$25.00

S1:$23.80 – S2:$23.50 – S3:$23.25

Platinum

Platinum also gained upside momentum in today’s trading session as traders used the recent pullback as an opportunity to increase their long positions.

If platinum settles above $1080, it will head towards the next resistance level at $1100. A move above $1100 will push platinum towards the resistance at $1115.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1040 – S3:$1015

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