Key Insights
- Gold is moving lower as U.S. Inflation Rate exceeded analyst expectations.
- Silver also falters on inflation concerns, shrugging off a decline in Treasury yields that could have lent support.
- Platinum’s downturn occurs in the context of a broader precious metals slump.
Gold
Gold pulls back as traders react to U.S. inflation reports. Inflation Rate increased from 3.2% in July to 3.7% in August, compared to analyst consensus of 3.6%.
In case gold settles below the support at $1900 – $1910, it will head towards the next support level at $1875 – $1885.
Silver
Silver has also moved lower amid worries about rising inflation in the U.S. Interestingly, Treasury yields pulled back, but this move did not provide support to silver markets.
If silver stays below the $23.00 level, it will head towards the support at $22.25 – $22.50.
Platinum
Platinum moved lower amid a broad pullback in precious metals markets.
RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum and move below the key support at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.