Gold, Silver, Platinum – Precious Metals Pull Back As Dollar Tests New Highs

Key Insights

• Gold is testing the support level at $1865.
• Silver managed to settle below $22.50 and remains under significant pressure. 
• Platinum is trying to settle below the support at $970.

Gold

Gold is trying to settle below the support at $1865 as the U.S. dollar continues to rebound against a broad basket of currencies. In addition, Treasury yields are moving higher, which is bearish for gold markets. It should be noted that some traders are willing to buy gold after the strong pullback, although it remains to be seen whether gold will have enough support if the U.S. dollar gains more ground.

Silver

Silver settled below the $22.50 level and is heading towards $22.00. RSI remains in the moderate territory, and there is plenty of room to gain downside momentum in case the right catalysts emerge. A move below $22.00 will open the way to the test of the support at $21.65.

Platinum

Platinum has also found itself under pressure in today’s trading session, although it has received some support near the $970 level. A successful test of the support at $970 will push platinum towards the next support level at $950.

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