Gold, Silver, Platinum – Gold Dives Towards $1950 As Dollar Rebounds -

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 020623 Daily Chart

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 020623 Daily Chart

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 020623 Daily Chart

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


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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