Key Insights
- Gold tested yearly lows as traders prepared for a more hawkish Fed after the release of U.S. economic data.
- Silver tries to settle below the support level at $20.90.
- Platinum declined towards yearly lows amid a broad pullback in commodity markets.
Gold
Gold declined to new lows as U.S. dollar rallied to multi-week highs after the release of the higher-than-expected PCE Price Index report. Treasury yields are moving higher, which is bearish for precious metals.
Silver
Silver is currently trying to settle below the support level at $20.90. RSI is in the oversold territory, so the risks of a rebound are increasing. However, traders remain focused on the strong dollar and rising Treasury yields, so the current trend remains strong.
Platinum
Platinum pulled back towards yearly lows amid a broad pullback in commodity markets. In case platinum settles below the $910 level, it will gain additional downside momentum and head towards the next support at $880.
For a look at all of today’s economic events, check out our economic calendar.