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Key Insights
- Gold pulled back below the $1950 level as traders focused on the strong U.S. GDP Growth Rate report.
- Silver made an attempt to settle below the $24.00 level.
- Platinum settled below the $950 level amid a broad sell-off in precious metals markets.
Gold
Gold found itself under strong pressure after the release of the better-than-expected U.S. GDP Growth Rate report.
In case gold settles below the support at $1935 – $1940, it will move towards the next support level, which is located in the $1900 – $1910 range.
Silver
Silver is also losing ground as traders focus on stronger dollar and rising Treasury yields.
A move below the support at $24.00 – $24.20 will open the way to the test of the next support level in the $23.00 – $23.25 range.
Platinum
Platinum tested weekly lows amid a broad sell-off in precious metals markets.
The nearest support level for platinum is located in the $925 – $935 range. In case platinum settles below this level, it will head towards the next support at $890 – $900.
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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