Gold, Silver, Platinum – Precious Metals Retreat As China Stimulus Measures Disappoint

Key Insights

• Gold tries to settle below the low end of the current trading range. 
• Silver is down by 3% as traders react to the developments in China. 
• Platinum tests support near the $965 level amid a broad sell-off in precious metals markets. 

Gold

Gold is under pressure as the U.S. dollar continues to rebound. Interestingly, demand for safe-haven assets is rising, but gold does not get any support from buyers.

Currently, gold is trying to get out of the previous trading range. If this attempt is successful, it will head towards the support in the $1910 – $1915 range.

Silver

Silver pulls back as China’s rate cuts did not impress traders who have previously hoped for more aggressive stimulus measures.

From the technical point of view, a move below the $23 level will push silver  towards the next support area in the $22.70 – $22.85 range.

Platinum

Platinum continues its attempts to settle below the $965 – $975 support area amid a broad pullback in the precious metals markets.

In case these attempts are successful, platinum will head towards the next support area, which is located in the $930 – $935 range.

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