Gold, Silver, Platinum – Precious Metals Retreat As BoE Raises Rates By 50 Bps

Key Insights

• Gold tests the support level in the $1910 – $1915 range. 
• Silver is under pressure as traders focus on the BoE decision and rising Treasury yields. 
• Platinum tests new lows below the $930 level. 

Gold

Gold remains under pressure as traders prepare for additional rate hikes from the Fed. The yield of 2-year Treasuries tested new highs above the 4.80% level, which was bearish for gold. The BoE’s decision to raise the interest rate by 50 bps put additional pressure on gold and other precious metals.

In case gold manages to settle below the support at $1910 – $1915, it will head towards the next support level, which is located in the $1875 – $1885 range.

Silver

Silver is also losing ground as traders stay focused on rising Treasury yields and hawkish comments from Fed Chair Powell.

Silver has already managed to settle below the previous support area at $22.70 – $22.85 and is moving towards the next support, which is located in the $22.00 – $22.20 range.

Platinum

Platinum is down by 2% amid a broad sell-off in the precious metals markets, which was driven by rate hike fears.

RSI is in the oversold territory, so platinum has a decent chance to rebound after the strong move that pushed it from $1000 to $925.

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