Gold, Silver, Platinum – Silver Dives 1.5% Amid A Broad Sell-Off In Precious Metals Markets

Key Insights

• Gold made an attempt to settle below the support at $1935.
• Silver declined by 1.5% as gold/silver ratio moved towards the 85 level. 
• Platinum tested new lows below the $950 level. 

Gold

Gold continues its attempts to settle below the $1935 level as traders focus on rising Treasury yields. U.S. dollar’s pullback did not provide support to gold markets.

If gold settles below the $1935 level, it will head towards the next support in the $1910 – $1915 range.

Silver

Silver remains under strong pressure. Gold/silver ratio moved from 81 to 85 in just two days, which was bearish for silver.

Currently, silver is trying to settle below the $22.70 level. In case this attempt is successful, silver will head towards the $22.00 – $22.20 area.

Platinum

Platinum tests new lows amid a broad sell-off in precious metals markets. Traders expect that Fed will keep rates at high levels until the end of the year, which is bearish for precious metals that pay no interest.

Platinum has recently managed to settle below the $965 level and is heading towards the support in the $930 – $935 range. RSI has just entered into the oversold territory, but platinum has enough room to gain additional momentum.

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