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Key Insights
- Should gold breach the $1935 support level, it’s primed for an accelerated descent towards a $1900 – $1910 support zone.
- The resilient U.S. dollar and ascending Treasury yields have catalyzed a downturn in silver prices.
- Platinum’s downward trajectory follows a broader trend, as traders cash in gains from its recent rebound.
Gold
Gold pulled back towards the $1940 level as traders reacted to the U.S. Unemployment Rate report, which showed that Unemployment Rate increased from 62.6% to 62.8%.
In case gold settles back below the $1935 level, it will gain additional downside momentum and head towards the support in the $1900 – $1910 range.
Silver
Silver has also moved lower as traders focused on the rebound of the U.S. dollar and rising Treasury yields.
In case silver settles below the support at $24.25 – $24.50, it will head towards the 50 MA at $23.70.
Platinum
Platinum moved lower amid a broad pullback in precious metals markets. Traders continue to take profits off the table after the recent rebound.
Platinum has already managed to settle below the $975 level and is moving towards the support at $925 – $935.
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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