Gold, Silver, Platinum – Platinum Dives Below The $1000 Level

Key Insights

• Gold retreats as U.S. dollar gains ground against a broad basket of currencies. 
• Silver pulls back amid profit-taking. 
• Platinum settles below the $1000 level amid recession worries. 

Gold

Gold is moving lower as U.S. dollar gains ground at the start of the week. Traders are somewhat cautious ahead of the Fed decision, which will be released on Wednesday.

A move below the $1950 level will push gold towards the support at $1930. On the upside, gold needs to settle back above $1980 to have a chance to gain sustainable upside momentum.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver pulled back as traders took profits off the table after the recent rebound. Stronger dollar and rising Treasury yields served as additional negative catalysts for silver.

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

R1:$24.10 – R2:$24.60 – R3:$24.85

S1:$23.80 – S2:$23.50 – S3:$23.25

Platinum

Platinum tested new lows as traders remained focused on recession risks.

If platinum settles below the support at $980, it will head towards the next support level at $960. A successful test of this level will open the way to the test of the support at $930.

R1:$1000 – R2:$1015 – R3:$1060

S1:$980 – S2:$960 – S3:$930

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