Key Insights
- Traders prepare for additional rate hikes from the Fed
- Silver markets test multi-month lows as traders bet that high interest rates would reduce demand for silver.
- Platinum is down by more than 4%.
Gold
Gold declined towards the $1820 level amid a broad sell-off in precious metals markets, which was triggered by hawkish comments from Fed Chair Powell. Traders have started to prepare for additional rate hikes from the Fed, which is bearish for gold.
Silver
Silver declined to multi-month lows as traders bet that Fed’s aggressive rate hikes will reduce demand for silver. In case silver settles below the psychologically important $20.00 level, it will move towards the next support at $19.70.
Platinum
Platinum suffered a strong sell-off after Powell’s comments. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in the upcoming trading sessions. If platinum settles below the support at $930, it will move towards the recent lows near the $900 level.
For a look at all of today’s economic events, check out our economic calendar.
