Key Points:
Gold settled below the $2350 level as U.S. Inflation Rate exceeded analyst expectations. Silver moved back below the $28.00 level after testing new highs. Platinum pulled back towards the $960 level.
In this article:
Gold pulled back from historic highs as U.S. dollar rallied after the release of U.S. inflation reports, which exceeded analyst expectations.
In case gold settles below the $2330 level, it will head towards the nearest support at $2295 – $2305.
Silver
Silver moved lower after testing new highs. Strong dollar and rising Treasury yields put significant pressure on silver markets.
A move below the $27.50 level may trigger a wave of profit-taking as silver bulls have enjoyed a strong rally since early March.
Platinum
Platinum declined towards the $960 level amid a broad pullback in precious metals markets.
In case platinum settles below $950, it will head towards the nearest support at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.
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About the Author
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.