Rising Treasury yields put additional pressure on precious metals markets.
Gold pulled back from yearly highs as traders took profits after the recent rally. Rising Treasury yields and the rebound of the U.S. dollar served as significant bearish catalysts for gold markets.
If gold settles below the $2000 level, it will head towards the next support at $1980. A successful test of the support at $1980 will push gold towards the support level at $1960.
R1:$2010 – R2:$2025 – R3:$2050
S1:$2000 – S2:$1980 – S3:$1960
Silver retreated towards the $25.30 level amid profit-taking. The recent rally was strong, so traders wanted to take some money off the table ahead of the weekend.
If silver settles below the support at $25.30, it will move towards the next support level at $25.00. A move below this level will open the way to the test of the support at $24.65.
R1:$25.60 – R2:$25.80 – R3:$26.00
S1:$25.30 – S2:$25.00 – S3:$24.65
Platinum settled below the $1050 level amid a broad pullback in precious metals markets, which was triggered by U.S. dollar’s rebound.
The nearest support level for platinum is located at $1030. If platinum declines below this level, it will move towards the support at $1000. On the upside, platinum needs to settle back above the $1050 level to have a chance to gain upside momentum in the near term.
R1:$1050 – R2:$1065 – R3:$1080
S1:$1030 – S2:$1000 – S3:$985
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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.