Gold, Silver, Platinum – Gold Stays Strong Despite Dollar’s Rebound

Key Insights

• Gold tested new highs near the $2030 level. 
• Silver pulled back below the $25.00 level. 
• Platinum declined towards the psychologically important $1000 level. 

Gold

Gold settled near the $2020 level as traders took some profits off the table after the recent rally. Treasury yields are moving lower, providing additional support to gold markets.

Gold needs to stay above the key $2000 level to have a chance to gain additional upside momentum in the upcoming trading sessions. While RSI is close to the overbought territory, gold has a decent chance to move higher without a strong pullback.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – $S3:1980

Silver

Silver failed to settle above the $25.00 level as traders focused on the rebound of the U.S. dollar. In case the American currency continues to move away from multi-week lows, silver may find itself under more pressure.

Silver moved from $20.00 to $25.00 without any pullback, so the risks of a sell-off are increasing. In addition, RSI is in the overbought territory, which is bearish for silver markets.

R1:$25.00 – R2:$25.30 – R3:$25.60

S1:$24.65 – S2:$24.50 – S3:$24.00

Platinum

Platinum pulled back towards the $1000 level as traders focused on recession worries. Platinum is dependent on industrial demand, so platinum markets are sensitive to recession risks.

A move below the $1000 level will signal that the recent attempt to gain upside momentum was not successful. However, traders should note that platinum has strong support in the $965 – $985 area.

R1:$1030 – R2:$1050 – R3:$1065

S1:$1000 – S2:$985 – S3:$965

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