Gold, Silver, Platinum – Gold Markets Pull Back After Testing New Highs

Key Insights

• Gold failed to settle above the $1930 level. 
• Silver made an attempt to climb back above $24.
• Platinum rebounded after the strong sell-off. 

Gold

Gold made an attempt to settle above the $1930 level but lost momentum and pulled back. The U.S. dollar is gaining some ground against a broad basket of currencies today, while Treasury yields are moving higher. Stronger dollar and higher yields are bearish for gold. However, it is obvious that safe-haven demand for gold continues to increase, and the current trend stays strong.

Silver

Silver  tried to climb above the $24.00 level but failed to develop sufficient upside momentum. From a big picture point of view, silver remains range-bound. Traders are waiting for catalysts that could push silver out of the current trading range.

Platinum

Platinum rebounds after the multi-day sell-off. Currently, platinum is trying to settle above the 20 EMA at $1055. If this attempt is successful, platinum will move towards the next resistance level, which is located at $1080.

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