Key Insights
- Gold settled near the $2030 level after an unsuccessful attempt to climb above $2040.
- Silver moved below $23.00 level as gold/silver ratio settled above 88.
- Platinum is trying to settle below the support at $925 – $935.
Gold
Gold is mostly flat despite U.S. dollar’s rebound. Rising Treasury yields did not put material pressure on gold markets today.
If gold declines below the nearest support at $2015 – $2025, it will move towards the next support level, which is located in the $1970 – $1980 range.
Silver
Silver pulled back below the $23.00 level as gold/silver ratio rebounded above 88. Rising gold/silver ratio remains the key problem for silver bulls.
From the technical point of view, silver settled in the range between the support at $22.50 and the resistance at $23.60.
Platinum
Platinum tested new lows as the pullback continued. Platinum remains under pressure as traders worry about demand weakness.
If platinum settles below the support at $925 – $935, it will head towards the next support level at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.