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Gold, Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Rally
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Key Points:
- Gold pulled back towards the $2340 level.
- Silver gained ground as gold/silver ratio moved below the 73 level.
- Platinum declined towards $1040 amid profit-taking.
Gold
Gold pulls back as traders focus on stronger dollar and rising Treasury yields. From a big picture point of view, traders are worried about hawkish Fed.
In case gold settles below the 50 MA at $2321, it will get to the test of the nearest support at $2295 – $2305.
Silver
Silver markets stay strong as gold/silver ratio tests new lows. Currently, gold/silver ratio is trying to settle below the 73 level.
In case silver climbs above the recent highs at $32.50, it will move towards the resistance at $33.50 – $34.00.
Platinum
Platinum is under pressure as traders use the recent rebound as an opportunity to take some profits off the table near multi-month highs.
If platinum settles below the $1040 level, it will move towards the support at $1010 – $1020.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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