Key Insights
- Gold pulled back towards the $2020 level.
- Silver is down by more than 1.5% as gold/silver ratio rebounded above 83.50.
- Platinum is trying to settle below the psychologically important $900 level.
Gold
Gold is losing ground as traders continue to take profits above the $2000 level. The failed attempt to settle above $2100 served as a bearish catalyst for gold as it triggered a wave of profit-taking.
If gold settles below the support at $2015 – $2025, it will move towards the next support level at $1975 – $1985.
Silver
Silver pulled back towards the $24.00 level as gold/silver ratio moved above the 83.50 level.
In case silver settles below $24.00, it will head towards the nearest support at $23.40 – $23.60.
Platinum
Platinum declined towards $900 as traders focused on the strong sell-off in palladium markets, which are down by more than 4% in today’s trading session.
A move below the $900 level will push platinum towards the support at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.