Key Insights
- Gold is trying to settle below the support at $1940.
- Silver is moving lower amid a broad pullback in precious metals markets.
- Platinum tested new lows while palladium settled below the key $1000 level.
Gold
Gold is losing ground as the pullback continues. Demand for safe-haven assets declined this week, which was bearish for gold markets. U.S. dollar’s recent rebound put more pressure on the price of gold.
A successful test of the support at $1940 – $1950 will open the way to the test of the next support level, which is located in the $1900 – $1910 range.
Silver
Silver tests support at $22.25 – $22.50 amid a broad pullback in precious metals markets. Rising gold/silver ratio puts additional pressure on silver.
If silver declines below the $22.25 level, it will head towards the next support at October lows at $20.70 – $21.00.
Platinum
Platinum retreats amid demand worries. Palladium settled below the psychologically important $1000 level, which was bearish for platinum.
In case platinum stays below the $850 level, it will head towards the next support at $800 – $810.
For a look at all of today’s economic events, check out our economic calendar.