Gold, Silver, Platinum – Precious Metals Retreat Despite Dollar’s Pullback

Key Insights

• Gold tries to settle below the $1950 level. 
• Silver declined below the $24.00 level. 
• Platinum tested support at $980.

Gold

Gold is losing ground despite U.S. dollar’s pullback as traders focus on rising Treasury yields.

A successful test of the support at $1950 will push gold towards the next support level at $1930. If gold declines below this level, it will head towards the support at $1915.

R1:$1965 – R2:$1980 – R3:$2000

S1:$1950 – S2:$1930 – S3:$1915

Silver

Silver declined amid a broad pullback in the precious metals markets ahead of tomorrow’s Fed decision.

If silver settles below the $23.80 level, it will head towards the next support level, which is located at $23.50. A move below $23.50 will open the way to the test of the support at $23.25.

R1:$24.10 – R2:$24.60 – R3:$24.85

S1:$23.80 – S2:$23.50 – S3:$23.25

Platinum

Platinum remained under material pressure and tested new lows as the pullback continued.

A successful test of the $980 level will push platinum towards the next support level at $960. In case platinum declines below $960, it will head towards the support at $930.

R1:$1000 – R2:$1015 – R3:$1040

S1:$980 – S2:$960 – S3:$930

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