Gold, Silver, Platinum – Precious Metals Rebound After Sell-Off
Key Insights
- Gold has started to rebound despite rising Treasury yields.
- Silver moved towards the $21.65 level.
- Platinum found support near $900 and rebounded towards the $930 level.
Gold
Gold rebounds after the recent sell-off despite rising Treasury yields and stronger dollar. The higher-than-expected PPI numbers did not put material pressure on gold markets.
Silver
Silver is also moving higher in today’s trading session. Silver did not manage to settle below the $21.50 level and is trying to settle back above $21.65. In case this attempt is successful, silver will head towards the $22.00 level.
Platinum
Platinum did not test the psychologically important $900 level and moved back towards the $930 level. RSI has just left the oversold territory but the rebound may continue if the U.S. dollar pulls back against a broad basket of currencies. Platinum moved from $1100 towards the $900 level without any significant rebound, and it looks that some traders are willing to bet that platinum will be able to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
