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Gold, Silver, Platinum – Precious Metals Rebound After Sell-Off

By:
Vladimir Zernov
Published: Feb 16, 2023, 17:03 GMT+00:00

Precious metals enjoyed support in today's trading session despite rising Treasury yields and stronger dollar.

Gold

In this article:

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
Gold 160223 Daily Chart

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
Silver 160223 Daily Chart

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
Platinum 160223 Daily Chart

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.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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