Gold, Silver, Platinum – Platinum Dives 3.5% Amid Recession Worries

Key Insights

• Rising demand for safe-haven assets provided some support to gold markets. 
• Silver remained under pressure as traders focused on recession risks. 
• Platinum gained strong downside momentum and moved towards the support at $1065.

Gold

Gold remains mostly flat despite the strong rebound of the U.S. dollar. Demand for safe-haven assets is rising, providing support to gold markets.

In case gold settles back above the $2025 level, it will move towards the resistance at $2050. On the support side, a move below the $2010 level will push gold towards the next support at $2000.

R1:$2025 – R2:$2050 – R3:$2070

S1:$2010 – S2:$2000 – S3:$1980

Silver

Silver remains under strong pressure amid recession worries. The weaker-than-expected Michigan Consumer Sentiment report put additional pressure on silver.

A move below the support at $23.80 will push silver towards the next support level, which is located at $23.50. If silver declines below $23.50, it will head towards the $23.25 level.

R1:$24.20 – R2:$24.60 – R3:$25.00

S1:$23.80 – S2:$23.50 – S3:$23.25

Platinum

Platinum continues to move lower amid a broad pullback in precious metals markets.

A successful test of the support at $1065 will open the way to the test of the next support level at $1040. If platinum declines below this level, it will head towards the support at $1015.

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