Gold, Silver, Palladium – Precious Metals Retreat As Treasury Yields Rise
Key Insights
- Gold failed to settle above the resistance at $1930.
- Silver tested the 50 EMA at $22.87.
- Palladium made an attempt to settle below the $1700 level.
Gold
Gold made another attempt to settle above the $1930 level but lost momentum and pulled back. Treasury yields moved higher today, which was bearish for precious metals. From a big picture point of view, the current trend remains strong. A successful test of the resistance at $1930 will push gold towards the $1950 level.
Silver
Silver markets suffered a strong sell-off today. This is not surprising as silver faced huge resistance in the $24.00 – $24.50 area, and some traders decided that it would not be able to get above this resistance area in the near term. However, it remains to be seen whether silver will develop additional downside momentum in the upcoming trading sessions.
Palladium
Palladium has also found itself under pressure in today’s trading session. Currently, palladium is trying to settle below the $1700 level. In case this attempt is successful, palladium will head towards the next support level at the recent lows at $1660.
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