Gold, Silver, Platinum – Gold Pulls Back As Treasury Yields Rebound

Key Insights

• Gold declined towards the $1900 level amid profit-taking. 
• Silver tested resistance at the 50 EMA despite rising Treasury yields. 
• Platinum settled back below the psychologically important $1000 level.  

Gold

Gold pulled back as traders took some profits off the table after the recent rally. Treasury yields have started to rebound, which was bearish for gold markets. The yield of 2-year Treasuries found support below the 4.00% level and rebounded towards 4.35%. If Treasury yields continue to move higher, gold may find itself under more pressure.

Silver

Silver continues to rebound despite rising Treasury yields. Currently, silver is trying to settle above the 50 EMA at $21.85. In case this attempt is successful, silver will gain additional upside momentum and move towards the next material resistance level, which is located at $22.30.

Platinum

Platinum pulled back below the $1000 level as traders focused on rising Treasury yields. If platinum settles below $1000, it will get to the test of the nearest support level, which is located at the 50 EMA near the $980 level.

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