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Gold, Silver, Platinum – Rising Treasury Yields Put Strong Pressure On Precious Metals

By:
Vladimir Zernov
Published: Feb 3, 2023, 17:40 GMT+00:00

The surprising U.S. Non Farm Payrolls report triggered a strong sell-off in precious metals markets.

Gold

In this article:

Key Insights

  • Gold is trying to settle below the $1865 level as traders react to the economic data from the U.S. 
  • Silver managed to get out of the recent trading range. 
  • Platinum tested the support level at $980.

Gold

Gold
Gold 030223 Daily Chart

Gold has found itself under strong pressure after the release of the U.S. Non Farm Payrolls report. Treasury yields rallied, while the U.S. dollar gained upside momentum against a broad basket of currencies, which was bearish for gold markets.

Silver

Silver
Silver 030223 Daily Chart

Silver moved out of the recent trading range and gained strong downside momentum. Currently, silver is trying to settle below the $22.50 level. Traders prepare for a more hawkish Fed, and today’s breakout provides an opportunitty to move towards the support near the $21 level.

Platinum

Platinum
Platinum 030223 Daily Chart

Platinum settled below the $1000 level and tested the support at $980 amid a broad sell-off in precious metals markets. Traders stay focused on the robust rebound of the American currency. If platinum settles below $980, it will move towards the next support level at $950.

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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