Strong U.S. jobs reports put pressure on gold and silver markets, while platinum rebounded from recent lows.
Gold pulled back as Treasury yields continued to rebound from recent lows after the release of the better-than-expected Non Farm Payrolls report.
It should be noted that gold received support near the psychologically important $2000 level. In case gold settles back above $2025, it will head towards the next resistance, which is located at $2050.
R1:$2025 – R2:$2050 – R3:$2070
S1:$2010 – S2:$2000 – S3:$1980
Silver pulled back as traders took some profits off the table near yearly highs.
If silver settles back below the $25.60 level, it will head towards the support at $25.30. A move below $25.30 will push silver towards the support at $25.00.
R1:$26.00 – R2:$26.30 – R3:$26.50
S1:$25.60 – S2:$25.30 – S3:$25.00
Platinum rebounded as recession fears eased after the release of strong U.S. jobs reports.
A move above $1065 will push platinum towards the resistance at $1080. In case platinum climbs above this level, it will head towards the next resistance at $1100.
R1:$1065 – R2:$1080 – R3:$1100
S1:$1050 – S2:$1030 – S3:$1000
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.