Gold, Silver, Platinum – Silver Pulls Back As Traders Take Profits After The Recent Rebound

Key Insights

• Gold is mostly flat as traders are waiting for additional catalysts. 
• Silver declined towards the $23.00 level amid profit-taking. 
• Platinum remains stuck in a range between the support at $1015 and the resistance at $1040.

Gold

Gold remains stuck near the $1950 level as traders wait for additional catalysts. Traders will likely wait for tomorrow when U.S. – based investors will get back to their desks after the long weekend.

A move above the $1950 level will push silver towards the resistance at $1965. If gold manages to settle above this level, it will head towards the next resistance at $1965.

R1:$1950 – R2:$1965 – R3:$1980

S1:$1930 – S2:$1915 – S3:$1900

Silver

Silver pulls back as traders take some profits off the table after the strong rebound.

The nearest support level for silver is located at $22.90. In case silver declines below this level, it will head towards the next support, which is located at $22.60.

R1:$23.25 – R2:$23.50 – R3:$23.80

S1:$22.90 – S2:$22.60 – S3:$22.15

Platinum

Platinum  remains stuck in the $1015 – $1040 range. The U.S. debt ceiling deal did not provide enough support to platinum markets, but the situation may change when the deal gets through the Congress.

In case platinum climbs above the $1040 level, it will move towards the resistance at $1065. On the support side, a successful test of the support at $1015 will open the way to the test of the next support level at $1000.

R1:$1040 – R2:$1065 – R3:$1080

S1:$1015 – S2:$1000 – S3:$980

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