Gold, Silver, Platinum – Gold Dives As Treasury Yields Test New Highs

Key Insights

• Gold pulled back below the $1950 level as traders focused on the strong U.S. GDP Growth Rate report. 
• Silver made an attempt to settle below the $24.00 level. 
• Platinum settled below the $950 level amid a broad sell-off in precious metals markets.

Gold

Gold found itself under strong pressure after the release of the better-than-expected U.S. GDP Growth Rate report.

In case gold settles below the support at $1935 – $1940, it will move towards the next support level, which is located in the $1900 – $1910 range.

Silver

Silver is also losing ground as traders focus on stronger dollar and rising Treasury yields.

A move below the support at $24.00 – $24.20 will open the way to the test of the next support level in the $23.00 – $23.25 range.

Platinum

Platinum tested weekly lows amid a broad sell-off in precious metals markets.

The nearest support level for platinum is located in the $925 – $935 range. In case platinum settles below this level, it will head towards the next support at $890 – $900.

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