Gold, Silver, Platinum – Precious Metals Retreat As U.S. Dollar Tests Multi-Week Highs

Key Insights

• Gold declined towards the $1820 level as traders focused on the strong dollar. 
• Silver is moving towards the recent lows near $21.15.
• Platinum failed to settle above the 20 EMA and declined below the $950 level. 

Gold

Gold remains under pressure despite the pullback in Treasury yields. The yield of 10-year Treasuries did not manage to climb above the 4.00% level and pulled back towards 3.90%. However, the U.S. dollar gained upside momentum and tested multi-week highs, which was bearish for gold and other precious metals.

Silver

Silver is heading towards the recent lows near the $21.15 level. RSI is close to the oversold territory, but there is enough room to develop additional downside momentum. If silver settles below $21.15, it will head towards the next support level, which is located at $20.90.

Platinum

Platinum faced strong resistance near the 20 EMA and pulled back below the $940 level. In case the U.S. dollar continues to move higher, platinum will likely find itself under more pressure.

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