Gold, Silver, Platinum – Precious Metals Retreat As China’s Imports Fall Faster Than Expected

Key Insights

• Gold moved below the $1930 level as U.S. dollar gained ground against a broad basket of currencies. 
• Silver declined below the $23.00 level. 
• Platinum tested multi-week lows near the $900 level. 

Gold

Gold retreats as traders focus on stronger dollar. Near-term Treasury yields are moving higher, while longer-term yields decline. Demand for safe-haven assets increased after Moody’s downgraded U.S. banks, but it did not provide support to gold markets.

In case gold stays below the $1935 level, it will gain additional downside momentum and move toward the support in the $1900 – $1910 range.

Silver

Silver has found itself under strong pressure as gold/silver ratio tested new highs above the 84.50 level.

If silver settles below the $23.00 level, it will head towards the support at $22.15 – $22.35.

Platinum

Platinum tested multi-week lows amid a strong sell-off in commodity markets, which was triggered by disappointing economic data from China.

In case platinum manages to settle below the support in the $890 – $900 range, it will gain additional downside momentum and move towards the support at $850 – $860.

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