Gold, Silver, Platinum – Precious Metals Attempt To Rebound As Treasury Yields Decline

Key Insights

• The pullback in Treasury yields provided support to precious metals. 
• U.S. dollar moved away from session highs, which was also bullish for gold, silver, and platinum. 
• It remains to be seen whether precious metals markets are ready for a material rebound ahead of the weekend. 

Gold

Gold moved away from session lows amid a pullback in Treasury yields. U.S. dollar has also pulled back from session highs, which was bullish for gold and other precious metals.

Silver

Silver found support near $21.15 and rebounded towards the $21.65 level. RSI is close to the oversold territory, so the risks of a sustainable rebound are increasing. However, it’s too early to tell whether silver markets are ready for such a rebound as today’s move was triggered by a technical pullback in Treasury yields.

Platinum

Platinum failed to settle below the $900 level and rebounded towards the $920 level. It looks that platinum has found significant support near the $900 level and may try to form a bottom. However, the potential continuation of the current trend in the U.S. dollar may present a significant problem for the bulls.

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