Gold, Silver, Platinum – Gold Retreats As Dollar Tests New Highs

Key Insight

• Gold pulled back towards the $1950 level as traders focused on strong dollar and rising Treasury yields. 
• Silver made an attempt to settle below the support at $23.50.
• Platinum declined towards the $1050 level. 

Gold

Gold remains under strong pressure as Treasury yields move higher. Demand for safe-haven assets declined after U.S. President Joe Biden said that U.S. would not default, which was bearish for gold markets.

A move below the support at $1950 will push gold towards the next support level at $1930. If gold declines below this level, it will head towards the support at $1900.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1900

Silver

Silver has also tested new lows amid a broad sell-off in precious metals markets. The strong dollar and higher yields put material pressure on silver in today’s trading session.

If silver settles below the support at $23.50, it will move towards the support level at $23.25. A successful test of this level will push silver towards the $22.90 level.

R1:$23.80 – R2:$24.20 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum pulls back as traders focus on general dynamics of precious metals markets.

A successful test of the support at $1040 will push platinum towards the support level at $1015. In case platinum settles below $1015, it will head towards the next support at $1000.

R1:$1065 – R2:$1080 – R3:$1100

S1:$1040 – S2:$1015 – S3:$1000

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