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Key Insights
- Gold suffered a strong sell-off after an unsuccessful attempt to settle above the $2100 level.
- Silver declined by more than 3% as gold/silver ratio rebounded towards 82.50.
- Platinum pulled back below the $925 level.
Gold
Gold pulled back below the $2030 level after testing historic highs. The wild move was likely driven by profit-taking as some traders used the rally as an opportunity to sell gold at record levels.
In case gold settles below the support at $2015 – $2025, it will head towards the next support level at $1975 – $1985.
Silver
Silver pulled back towards the $24.50 level as traders focused on the sell-off in the gold markets. Gold/silver ratio moved above 82.50, putting additional pressure on silver.
If silver settles below $24.50, it will head towards the nearest support, which is located in the $23.40 – $23.60 range.
Platinum
Platinum pulled back towards $920 amid a broad sell-off in precious metals markets.
If platinum stays below the $925 level, it will gain additional downside momentum and move towards the support at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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