Gold, a traditional safe-haven asset, is currently experiencing strong headwinds. The U.S. dollar has surged to new highs, driven by the release of a better-than-expected ISM Services PMI report. As a result, gold has settled below the critical $1935 level. This is now edging closer to the nearest support range at $1900 – $1910.
Silver Precious Metals Feeling the Strain
Silver, often considered a more volatile sibling to gold, is also grappling with challenging conditions. The focus on rising Treasury yields, combined with concerns about the health of the Chinese economy. This has intensified pressure on the silver market. The metal has dipped below its 200-day moving average (MA). This is currently heading toward the support levels at the August lows, ranging between $22.25 – $22.50.
Platinum’s Precarious Position
Platinum, another precious metal, finds itself in a similar predicament. The overall weakness in precious metals markets has put considerable downward pressure on platinum. Should platinum remain below the $925 level, it is anticipated to continue its descent towards the support range of $880 – $890.
As these precious metals navigate through turbulent waters, it becomes increasingly important for investors and traders to stay informed. Rising Treasury yields and the unrelenting strength of the U.S. dollar are factors that are likely to continue influencing the performance of gold, silver, and platinum. Stay tuned for further updates on these precious metals as they confront these challenges head-on.
Stay updated on the latest developments in the precious metals market as they continue to face challenging conditions influenced by rising Treasury yields and the strength of the U.S. dollar
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions
