Gold, Silver, Platinum – Silver Gains 2% As Traders Buy The Dip

Key Insights

• Gold did not manage to settle above the $1950 level as Treasury yields moved higher. 
• Silver rebounded above the $23.00 level. 
• Platinum remained stuck in the $1015 – $1040 range. 

Gold

Gold made an attempt to settle above the $1950 level but lost momentum as Treasury yields continued to move higher after the release of the PCE Price Index report.

In case gold settles below the support at $1930, it will move towards the next support level at $1915. On the upside, a successful test of the resistance at $1950 will open the way to the test of the next resistance level at $1965.

R1:$1950 – R2:$1965 – R3:$1980

S1:$1930 – S2:$1915 – S3:$1900

Silver

Silver enjoyed a strong rebound as traders used the recent sell-off as an opportunity to establish positions at attractive price levels.

If silver settles above the resistance at $23.25, it will head towards the next resistance level at $23.50. A successful test of the resistance at $23.50 will push silver towards the $23.80 level.

R1:$23.25 – R2:$23.50 – R3:$23.80

S1:$22.90 – S2:$22.60 – S3:$22.15

Platinum

Platinum settled in the $1015  – $1040 range as traders wait for the outcome of U.S. debt ceiling negotiations.

If platinum moves back above the $1040 level, it will head towards the resistance at $1065. On the support side, a move below $1015 will push platinum towards the psychologically important $1000 level.

R1:$1040 – R2:$1065 – R3:$1080

S1:$1015 – S2:$1000 – S3:$980

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