Gold, Silver, Platinum – Precious Metals Retreat As U.S. Dollar Tests New Highs

Key Insights

• Gold tries to settle below the support at $1935.
• Silver is down by more than 2% amid a broad pullback in precious metals markets. 
• Platinum tests support in the $925 – $935 range.

Gold

Gold is trying to settle below the support at $1935 – $1940 as traders remain focused on stronger dollar and rising Treasury yields.

In case gold declines below the $1935 level, it will move towards the support in the $1900 – $1910 range.

Silver

Silver found itself under strong pressure and moved below the $24.00 level amid a broad pullback in precious metals markets.

In case silver settles below $24.00, it will move towards the next support, which is located in the $23.00 – $23.25 range.

Platinum

Platinum tests support at $925 – $935 as traders react to U.S. debt downgrade and stay focused on strong dollar.

If platinum moves below the $925 level, it will head towards the next support at $890 – $900.

For a look at all of today’s economic events, check out our economic calendar.