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Key Insights
- Gold found itself under pressure due to stronger dollar and rising Treasury yields.
- Silver moved lower as traders took profits after the recent rebound.
- Platinum tested the support at $1000.
Gold
Gold pulled back towards the $1950 level as traders focused on strong dollar and rising Treasury yields.
In case gold settles below $1950, it will head towards the next support level at $1930. A move below this level will push gold towards the support at $1915.
R1:$1965 – R2:$1980 – R3:$2000
S1:$1950 – S2:$1930 – S3:$1915
Silver
Silver pulled back as traders took some profits off the table after the recent rebound.
If silver declines below the support at $23.50, it will head towards the next support level at $23.25. A successful test of this level will open the way to the test of the support at $22.90.
R1:$23.80 – R2:$24.10 – R3:$24.60
S1:$23.50 – S2:$23.25 – S3:$22.90
Platinum
Platinum is trying to settle below the support at $1000 amid a broad pullback in precious metals markets.
A move below $1000 will push platinum towards the support at $980. If platinum settles below this level, it will head towards the next support at $960.
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.
This article was originally posted on FX Empire
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