Gold, Silver, Platinum – Gold Soars Amid Banking Crisis Fears

Key Insights

• Gold settled above the $2010 level. 
• Silver tested resistance at $25.30.
• Platinum rebounded after the recent sell-off. 

Gold

Gold rallied amid concerns about the banking crisis in the U.S. Treasury yields pulled back ahead of tomorrow’s Fed decision, providing additional support to gold markets.

The nearest resistance level for gold is located at $2025. If gold moves above this level, it will head towards the resistance at $2050.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver has also gained ground amid rising demand for safe-haven assets. Traders bet that the Fed will be forced to be less hawkish due to banks’ problems in the U.S.

In case silver manages to settle above the $25.30 level, it will head towards the next resistance at $25.60. A successful test of this level will push silver towards the resistance at $26.00.

R1:$25.30 – R2:$25.60 – R3:$26.00

S1:$25.00 – S2:$24.65 – S3:$24.35

Platinum

Platinum rebounded after the recent pullback. However, platinum failed to gain material upside momentum as economic problems may hurt demand for platinum.

If platinum settles back above the $1065 level, it will move towards the resistance at $1080. On the support side, a move below the support at $1050 will push platinum towards the next support at $1030.

R1:$1065 – R2:$1080 – R3:$1100

S1:$1050 – S2:$1030 – S3:$1000

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