The drop in the middle of May was thwarted as buyers held their ground at the $1,800 mark before the daily close. But now with the dollar going from strength to strength, even gold is finding it tough to stay afloat as commodities in general (industrial metals especially) are struggling over the past few weeks. It looks like precious metals are being hit hard this week with silver down 3% today to below $20 and its lowest since July 2020. Meanwhile, platinum has fallen to $860 and that is the lowest since November 2020.

Going back to gold, there is some light support around the swing region at $1,780-82 but further support is only seen out at the swing region around $1,753-59. Beyond that, the September 2021 lows around $1,721 will be the next target before $1,700.

This article was written by Justin Low at www.forexlive.com.