Key Insights
- Gold found itself under pressure as U.S. dollar tested multi-week highs.
- Silver declined towards the $24.20 level.
- Platinum tested support in the $925 – $935 range.
Gold
Gold retreats as traders focus on strong dollar and rising Treasury yields. Traders are worried that Fed may be more hawkish than previously expected.
In case gold settles below the support in the $1935 – $1940 range, it will head towards the next support level, which is located at $1900 – $1910.
Silver
Silver gained strong downside momentum amid a broad pullback in precious metals markets.
If silver declines below the $24.00 level, it will move towards the next support, which is located in the $23.00 – $23.25 range.
Platinum
Platinum has also moved lower as traders were worried about rising Treasury yields.
A move below the $925 level will open the way to the test of the support at $890 – $900. RSI is in the moderate territory, and there is plenty of room to gain additional momentum.
For a look at all of today’s economic events, check out our economic calendar.