Gold, Silver, Platinum – Gold Tests Support At $1980 As Treasury Yields Rise

Key Insights

• Gold remains under pressure after the successful test of the key support at $2000.
• Silver tries to rebound as traders focus on the recent comments from U.S. President Joe Biden. 
• Platinum moves higher amid worries about a potential deficit in the second half of the year. 

Gold

Gold remains under pressure as Treasury yields rise. The U.S. dollar tested multi-week highs, which served as an additional bearish catalyst for gold markets.

In case gold settles below the $1980 level, it will move towards the support at $1965. A successful test of the support at $1965 will open the way to the test of the next support level at $1950.

R1:$2000 – R2:$2010 – R3:$2025

S1:$1980 – S2:$1965 – S3:$1950

Silver

Silver rebounded from session lows as traders bet that U.S. will avoid a default after positive comments from U.S. President Joe Biden.

In case silver settles back above the $23.80 level, it will move towards the resistance at $24.20. A move above $24.20 will push silver towards the $24.60 level.

R1:$23.80 – R2:$24.20 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum continues to rebound as traders focus on the potential deficit of the metal in the second half of this year.

If platinum climbs above the $1080 level, it will head towards the next resistance at $1100. On the support side, a move below $1065 will open the way to the test of the next support level at $1040.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1040 – S3:$1015

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