Key Insights
- Gold faced resistance near the $1890 level and pulled back.
- Silver moved closer to the important support level at $22.00.
- Platinum tested new lows near the $960 level.
Gold
Gold pulled back after an unsuccessful attempt to settle above the $1890 level. Currently, gold is trying to settle below the $1875 level. In case this attempt is successful, gold will have a good chance to move closer to the 50 EMA at $1855.
Silver
Silver has also found itself under pressure and pulled back towards the $22.00 level. Interestingly, weaker dollar and lower Treasury yields did not provide any support to precious metals in today’s trading session, which is a bearish sign for silver.
Platinum
Platinum settled below the support at $970 and tested new lows near the $960 level. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.
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