Key Insights
- Gold is losing some ground despite U.S. dollar’s pullback.
- Silver settled near the $21.00 level.
- Platinum tested new lows near $860.
Gold
Gold stabilized near the $1820 level as traders remained focused on the risks of an additional rate hike from the Fed.
Gold is oversold. However, gold needs material positive catalysts to break the current trend.
Silver
Silver continues its attempts to settle below the $21.00 level as the pullback continues.
RSI remains in the oversold territory, so the risks of a rebound are increasing. A move above $21.50 will push silver towards the resistance at $22.25 – $22.50.
Platinum
Platinum tested new lows as precious metals remained under pressure. U.S. dollar’s pullback did not provide any support to platinum.
If platinum stays below the $880 level, it will head towards the next support at $835 – $845.
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