Gold, Silver, Platinum – Silver Pulls Back As Traders Wait For Debt Ceiling Negotiations

Key Insights

• Gold remains stuck in the $1965 – $1980 range. 
• Silver pulled back amid rising Treasury yields. 
• Platinum tested resistance at $1080 but lost momentum and pulled back. 

Gold

Gold is mostly flat while traders wait for catalysts. Debt ceiling negotiations are expected to resume today, but it remains to be seen whether parties will reach consensus this week.

In case gold climbs above the $1980 level, it will head towards the resistance at $2000. On the support side, a move below $1965 will push gold towards the support at $1950.

R1:$1980 – R2:$2000 – R3:$2010

S1:$1965 – S2:$1950 – S3:$1930

Silver

Silver pulls back after an unsuccessful attempt to settle above the resistance at $23.80. Rising Treasury yields serve as an additional bearish catalyst for silver and other precious metals.

If silver declines below the support at $23.50, it will move towards the support level at $23.25. A move below this level will open the way to the test of the support at $22.90.

R1:$23.80 – R2:$24.20 – R3:$24.60

S1:$23.50 – S2:$23.25 – S3:$22.90

Platinum

Platinum has recently made another attempt to settle above the $1080 level but lost momentum and pulled back.

The nearest support level for platinum is located at $1065. If platinum declines below this level, it will head towards the next support at $1040.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – S2:$1040 – S3:$1015

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