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FXEmpire.com –
Key Insights
- Gold moved towards the psychologically important $2000 level amid profit-taking.
- Silver pulled back towards the support level at $25.30.
- Platinum settled below the $1050 level.
Gold
Gold 140423 Daily Chart
Gold pulled back from yearly highs as traders took profits after the recent rally. Rising Treasury yields and the rebound of the U.S. dollar served as significant bearish catalysts for gold markets.
If gold settles below the $2000 level, it will head towards the next support at $1980. A successful test of the support at $1980 will push gold towards the support level at $1960.
R1:$2010 – R2:$2025 – R3:$2050
S1:$2000 – S2:$1980 – S3:$1960
Silver
Silver 140423 Daily Chart
Silver retreated towards the $25.30 level amid profit-taking. The recent rally was strong, so traders wanted to take some money off the table ahead of the weekend.
If silver settles below the support at $25.30, it will move towards the next support level at $25.00. A move below this level will open the way to the test of the support at $24.65.
R1:$25.60 – R2:$25.80 – R3:$26.00
S1:$25.30 – S2:$25.00 – S3:$24.65
Platinum
Platinum 140423 Daily Chart
Platinum settled below the $1050 level amid a broad pullback in precious metals markets, which was triggered by U.S. dollar’s rebound.
The nearest support level for platinum is located at $1030. If platinum declines below this level, it will move towards the support at $1000. On the upside, platinum needs to settle back above the $1050 level to have a chance to gain upside momentum in the near term.
R1:$1050 – R2:$1065 – R3:$1080
S1:$1030 – S2:$1000 – S3:$985
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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