Gold, Silver, Palladium – Palladium Markets Test New Lows Amid Demand Concerns

Key Insights

• Gold is trying to settle below the 50 EMA at $1855.
• Silver is testing the support at $22.00.
• Palladium declined to multi-month lows. 

Gold

Gold is testing the 50 EMA at $1855 as Treasury yields rise. The rebound of the U.S. dollar puts additional pressure on gold markets. Traders have started to price in the possiblilty of two additional rate hikes from the Fed, which is bearish for gold and other precious metals.

Silver

Silver continues its attempts to settle below the support at $22.00. If silver declines below this level, it will head towards the next support level, which is located at $21.70.

Palladium

Palladium tested new lows amid demand concerns. The current trend is strong, and palladium has a good chance to test the $1500 level. It should be noted that RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in the upcoming trading sessions.

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