Key Insights
- Gold tests new lows as concerns about potential rate hikes weigh on the market.
- Silver holds above the crucial $22.50 support level, showing resilience.
- Support at $880 – $890 remains robust for platinum.
Gold
Gold tested new lows as the pullback continued. Traders remain focused on the potential rate hike, which is bearish for gold markets.
From the technical point of view, gold is oversold, so the risks of a rebound are increasing.
Silver
Silver did not manage to settle below the support at $22.25 – $22.50. This support level has been tested many times and proved its strength.
In case silver stays above the $22.50 level, it will gain upside momentum and move towards the $23.00 level.
Platinum
Platinum moved back above the $900 level as traders focused on U.S. dollar’s pullback and the strong rebound in palladium markets.
The support at $880 – $890 stays strong, so platinum has a decent chance to test the nearest resistance in the $925 – $935 range.
For a look at all of today’s economic events, check out our economic calendar.