Treasury yields' rebound put pressure on gold and silver markets.
Gold made an attempt to settle above the $2000 level but lost momentum and pulled back as Treasury yields rebounded from recent lows. U.S. dollar’s pullback did not provide sufficient support to gold markets in today’s trading session.
If gold gets below the nearest support level at $1980, it will head towards the next support at $1960. A successful test of this level will open the way to the test of the support at $1935.
R1:$2000 – R2:$2010 – R3:$2025
S1:$1980 – S2:$1960 – S3:$1935
Silver continues to move lower as traders focus on rising Treasury yields and recession risks.
If silver declines below the support at $24.65, it will move towards the next support level at $24.30. A move below $24.00 will push silver towards the $24.00 level.
R1:$25.00 – R2:$25.30 – R3:$25.60
S1:$24.65 – S2:$24.35 – S3:$24.00
Platinum tested resistance at $1115 but lost momentum and pulled back towards the $1100 level. The recent moves were strong, and traders have mostly ignored the developments in other markets as platinum tried to stabilize after the volatility.
If platinum settles back above $1100, it will head towards the $1115 level. A move above this level will open the way to the test of the resistance at $1140.
R1:$1100 – R2:$1115 – R3:$1140
S1:$1080 – S2:$1065 – S3:$1050
For a look at all of today’s economic events, check out our economic calendar.
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.