Key Insights
- Gold is losing ground as traders fear that Fed may raise rates by 25 bps this year.
- Silver moves higher as gold/silver ratio drops to 82.
- Platinum retreats as the pullback continues.
Gold
Gold pulls back as traders react to recent comments from Fed Chair Jerome Powell. Fed may be forced to raise rates one more time this year, which is bearish for gold markets.
From the technical point of view, gold remains stuck in a range between the support at $1900 and the resistance at $1940.
Silver
Silver gained ground as gold/silver ratio declined towards the 82 level. The pullback in gold/silver ratio served as the main positive catalyst for silver in recent trading sessions.
Silver needs to settle above the 200 MA, which is located near the $23.50 level, to gain additional upside momentum.
Platinum
Platinum is trying to settle below the support at $925 as the pullback continues.
In case this attempt is successful, platinum 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.