Key Insights
- Gold remains under pressure despite U.S. dollar’s pullback.
- Silver declined below the $21.00 level.
- Platinum tested new lows amid a broad pullback in commodity markets.
Gold
Gold continues its attempts to settle below the support at $1805 – $1815 as traders remain worried about hawkish Fed. Falling Treasury yields and weaker dollar do not provide support to gold markets.
It should be noted that RSI is in the extremely oversold territory, so the risks of a rebound are increasing.
Silver
Silver moved back below the $21.00 level amid a broad sell-off in precious metals markets.
In case silver declines below $20.70, it will head towards the nearest support level at $19.90 – $20.20.
Platinum
Platinum tests new lows as traders worry about a potential economic slowdown, which will reduce demand for platinum.
In case platinum declines below the $850 level, it will get to the test of the support at $835 – $840.
For a look at all of today’s economic events, check out our economic calendar.
