Precious metals
Precious metals decline to new lows as dollar rallies REUTERS

The steep dollar rally over the past two weeks has significantly weakened precious metals too, taking platinum to a six-year low and gold and silver close to the five-year lows they traded late last year.

Palladium also fell but without affecting the broad uptrend since October 2014, helped by the strong fundamentals of the metal.

The USD index has rallied 5.14% over the past two weeks as data and policy maker comments intensified speculation of a sooner than expected rate hike in the world's largest economy. The index closed above the 100-mark for the first time in 12 years this week.

Platinum

The metal closed Friday's (13 March) deals at $1115, its lowest since early 2009, down more than 9.7% over the last two weeks. The decisive break of $1,200 has strengthened the case for $1,000 for platinum though $1,050 will be a level to watch ahead of that.

On the higher side, $1,289 is the key level as a break of that will open doors to higher levels increasing the likelihood of reversal.

Gold and silver

Both the metals have fallen to four-month lows with the recent selloff and are only a shade away from the five-year lows touched late last year.

Gold closed the week at $1,158, down 9.7% over the fortnight while silver fell 5.8% to $15.62. The white metal saw some correction over the last few sessions, pushing it off the weekly low of $15.26, a 2.4% move. Gold on the other hand, ended pretty much close to the week's low of $1,147.20.

The next big support for the yellow metal is $1131, a break of which will open doors to $1,000 and lower. Silver has its eyes fixed on $14.11, the November 2014 low, as the next big support, a break of which will shift focus to $12.43.

Palladium

After hitting a six-month high of $832, the metal ended little changed over the first week of this month at $816 but finished 3.2% down in the second week at $790.

The metal has been keeping an upward trend since October last year, when it regained momentum from an eight-month low of $726. The attempt in the second week of January failed to break it, setting a near term upward channel.

Now the immediate levels to watch on the downside are $770 and $752, a break of which will challenge the uptrend began five months ago; then comes $726, the October low.

On the higher side, the metal will look at $862 and then the record high hit last year at $911, if it manages to break above the recent high of $832.

Platinum weekly
Platinum has fallen to a 6-year low on sharp dollar rally.IBTimes UK/FXStreet