Gold
Gold surged as investors responded to the U.S. inflation report, revealing a decrease in the inflation rate from 3.5% in March to 3.4% in April. There were concerns among traders about the potential for inflation to rise.
Following the inflation data release, both the U.S. dollar and Treasury yields experienced a decline, offering substantial backing to the precious metals sector.
If gold can establish a foothold above the resistance range between $2390 and $2400, it is poised to advance towards the $2450 mark.
Silver
Silver explores fresh peaks as market participants concentrate on the softening dollar and declining Treasury yields.
The gold/silver ratio retreated towards 81, signaling a bullish sentiment for silver among traders.
Should silver breach the $29.50 threshold, it is poised to advance towards the psychologically significant milestone of $30.00.
Platinum
Platinum continued to advance further amidst a widespread surge in precious metal markets.With the Relative Strength Index (RSI) reaching overbought levels, the likelihood of a retracement grows. Nevertheless, the weakness in the U.S. dollar could offer supplementary bolstering to platinum markets in the immediate future.
