Gold, Silver, Platinum – Precious Metals Pull Back As Treasury Yields Rebound From Session Lows

Key Insights

• Gold declined towards the $1850 level amid profit-taking. 
• Silver pulled back towards $21.00.
• Platinum faced strong resistance near the 50 EMA. 

Gold

Gold pulled back towards the $1850 level as traders took some profits off the table after the recent rebound. U.S. dollar’s pullback did not provide support to gold and other precious metals. It should be noted that Treasury yields rebounded from session lows, which was bearish for gold markets.

Silver

Silver declined towards the $21.00 level amid a broad pullback in commodity markets. The nearest material support level for silver is located at $20.90. If silver settles below this level, it will move towards the next support level near the recent lows at $20.50.

Platinum

Platinum faced resistance near the 50 EMA at $980 and pulled back. The pullback looks natural after the strong rebound, and the current trend remains intact. If platinum settles above the 50 EMA, it will head towards the $1000 level.

For a look at all of today’s economic events, check out our economic calendar.