Key Insights
- The pullback in Treasury yields provided support to precious metals.
- U.S. dollar moved away from session highs, which was also bullish for gold, silver, and platinum.
- It remains to be seen whether precious metals markets are ready for a material rebound ahead of the weekend.
Gold
Gold moved away from session lows amid a pullback in Treasury yields. U.S. dollar has also pulled back from session highs, which was bullish for gold and other precious metals.
Silver
Silver found support near $21.15 and rebounded towards the $21.65 level. RSI is close to the oversold territory, so the risks of a sustainable rebound are increasing. However, it’s too early to tell whether silver markets are ready for such a rebound as today’s move was triggered by a technical pullback in Treasury yields.
Platinum
Platinum failed to settle below the $900 level and rebounded towards the $920 level. It looks that platinum has found significant support near the $900 level and may try to form a bottom. However, the potential continuation of the current trend in the U.S. dollar may present a significant problem for the bulls.
For a look at all of today’s economic events, check out our economic calendar.
