Gold, Silver, Platinum – Precious Metals Are Mostly Flat As Traders Wait For Catalysts -

Key Insights

  • Gold settled near the resistance level at $1965.
  • Silver pulled back after an unsuccessful test of the $24.60 level. 
  • Platinum is trying to climb back above the $1015 level.


Gold 090623 Daily Chart

Gold is mostly flat in today’s trading session as traders wait for additional catalysts. U.S. dollar is moving higher against a broad basket of currencies, but this move does not put material pressure on gold markets.

From the technical point of view, gold needs to settle above the resistance at $1980 to have a chance to gain sustainable upside momentum.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915


Silver 090623 Daily Chart

Silver made an attempt to settle above the $24.60 level but lost momentum as traders decided to take some profits off the table after the recent rebound.

If silver settles above the resistance at $24.60, it will move towards the next resistance level at $24.85. A successful test of this level will push silver towards the $25.10 level.

R1:$24.60 – R2:$24.85 – R3:$25.10

S1:$24.10 – S2:$23.80 – S3:$23.50


Platinum 090623 Daily Chart

Platinum  is mostly flat despite the strong sell-off in palladium markets, which are down by 3% in today’s trading session.

A move above the $1015 level will push platinum towards the resistance at $1040. On the support side, a successful test of the $1000 level will push platinum towards the next support level at $980.

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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