Demand for precious metals declines as traders focus on the strong rebound in U.S. stock markets.
Key Insights
Gold is testing the 50 EMA as the pullback continues.
Silver managed to get below the $22.00 level.
Platinum rebounds after the recent sell-off.
Gold
Gold 130223 Daily Chart
Gold is currently trying to settle below the 50 EMA at $1855 despite weaker dollar and lower Treasury yields. S&P 500 and NASDAQ gained strong upside momentum in today’s trading session. Thus, demand for safe-haven assets declined, which was bearish for gold markets .
Silver
Silver 130223 Daily Chart
Silver is also trying to settle below the recent lows. In case this attempt is successful, silver will have a good chance to gain additional downside momentum.
Platinum
Platinum 130223 Daily Chart
Platinum found support near the $935 level and climbed back above $955. It should be noted that the downside trend remains intact, and platinum markets will need additional positive catalysts to develop sustainable upside momentum.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
