Gold, Silver, Platinum – Precious Metals Rebound As Dollar Pulls Back

Key Insights

• Gold tests resistance at $1980.
• Silver moved towards the $24 level amid a broad rebound in precious metals markets. 
• Platinum settled back above the $1000 level. 

Gold

Gold is moving higher as the U.S. dollar pulls back against a broad basket of currencies. The pullback in Treasury yields provides additional support to gold markets.

In case gold moves above the $1980 level, it will head towards the resistance at $2000. A successful test of this level will push gold towards the $2010 level.

R1:$1980 – R2:$2000 – R3:$2010

S1:$1965 – S2:$1950 – S3:$1930

Silver

Silver gains ground amid a broad rebound in precious metals markets. Dollar’s pullback serves as the key positive catalyst for silver.

If silver climbs above $23.80, it will move towards the resistance at $24.10. A successful test of the $24.10 level will push silver towards $24.60.

R1:$23.80 – R2:$24.10 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum rebounds as traders bet that U.S. will soon raise the debt ceiling, avoiding the default.

A successful test of the $1015 level will push platinum towards the resistance at $1040. If platinum climbs above this level, it will head towards the next resistance at $1065.

R1:$1015 – R2:$1040 – R3:$1065

S1:$1000 – S2:$980 – S3:$960

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