Key Insights
- Gold rallied above the $1950 level as demand for safe-haven assets remained strong.
- Silver made an attempt to settle above the $23.00 level.
- Platinum pulled back as traders focused on rising Treasury yields.
Gold
Gold moved above the $1950 level as traders focused on rising demand for safe-haven assets.
In case gold stays above the $1950 level, it will head towards the resistance at $1975 – $1985.
Silver
Silver tested new highs as the strong rebound continued. The challenging situation in the Middle East provides support to precious metals as traders search for safe-haven assets.
RSI remains in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.
Platinum
Platinum pulled back as Treasury yields continued to move higher. Platinum traders are worried that high interest rates will put too much pressure on the economy and hurt demand for platinum.
In case platinum declines below the $880 level, it will move towards the support at $835 – $845.
For a look at all of today’s economic events, check out our economic calendar.