Gold, Silver, Platinum – Gold Pulls Back As Recession Fears Ease

Key Insights

• Gold made an attempt to settle below the $2000 level. 
• Silver pulled back amid profit-taking. 
• Platinum rebounded as recession fears eased. 

Gold

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

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

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

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