Gold, Silver, Platinum – Gold Climbs Back Above $1950 As Dollar Tests Multi-Week Lows

(June 15, 2023 - Vladimir Zernov)

U.S. dollar’s pullback provided material support to precious metals markets.

Key Insights

• Gold rebounded after an unsuccessful attempt to settle below the $1930 level. 
• Silver moved closer to the $24 level as traders focused on weak dollar. 
• Platinum rebounded amid profit-taking.

Gold

Gold moved back into the previous trading range due to U.S. dollar’s strong pullback.

From the technical point of view, gold has a good chance to test the resistance in the $1965 – $1985 range after an unsuccessful attempt to get below the support in the $1935 – $1940 area.

Silver

Silver has also rebounded from recent lows as traders focused on weaker dollar and lower Treasury yields.

In case silver quickly manages to climb above the $24.00 level, it will have a decent chance to continue the previous rebound.

Platinum

Platinum gained ground as traders took some profits off the table after the strong pullback.

Platinum needs to settle above the $1000 level to have a chance to develop sustainable upside momentum.