Gold, Silver, Platinum – Precious Metals Remain Under Strong Pressure

Key Insights

• Gold declined towards the $1835 level as U.S. dollar tested new highs against a broad basket of currencies. 
• Silver made an attempt to settle below the $21.50 level. 
• Platinum tested new lows near the $915 level. 

Gold

Gold tested new lows as traders focused on the strength of the U.S. dollar after the better-than-expected Retail Sales report. Treasury yields have also moved higher, which was bearish for gold markets.

Silver

Silver has recently made an attempt to settle below the $21.50 level amid a broad sell-off in precious metals markets. Traders prepare for a more hawkish Fed. Rising rates are bearish for precious metals as they pay no interest.

Platinum

Platinum declined towards the $915 level as the pullback continued. RSI is in the oversold territory, so the risks of a rebound are increasing. Traders should note that the dynamics of Treasury yields and U.S. dollar will remain the key catalysts for platinum markets in the near term.

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