Gold, Silver, Platinum – Silver Dives 2% As Pullback Continues

Key Insights

• Gold settled in the $1935 – $1940 range. 
• Silver declined by 2% as gold/silver ratio moved towards 83.50.
• Platinum remained stuck near the $925 level. 

Gold

Gold remains stuck near the support at $1935 – $1940 as U.S. dollar is mostly flat against a broad basket of currencies. Interestingly, gold traders have mostly ignored rising Treasury yields in today’s trading session.

In case gold manages to settle above the $1940 level, it will head towards the resistance in the $1975 – $1985 range.

Silver

Silver found itself under strong pressure as the pullback continued. Gold/silver ratio rallied towards the 83.50 level, which was bearish for silver.

A move below the $23.00 level will open the way to the test of the next support level, which is located in the $22.15 – $22.35 area.

Platinum

Platinum continues its attempts to settle back above the resistance at $925 – $935. However, it remains to be seen whether bulls will find positive catalysts in the near term.

In case platinum fails to climb back above the $935 level, it will move towards the support at $890 – $900.

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