Gold, Silver, Platinum – Precious Metals Retreat As Dollar Rallies

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.