Gold, Silver, Platinum Forecasts – Gold Dives 2.8% As Dollar Rallies

Gold

Gold pulled back towards $2310 as traders focused on rising Treasury yields and stronger dollar. The better-than-expected Non Farm Payrolls report put significant pressure on precious metals markets as traders started to prepare for a more hawkish Fed.

A move below the support at $2295 – $2305 will open the way to the test of the next support level at $2190 – $2200.

Silver

Silver is down by more than 6% as gold/silver ratio rebounded above 78.50.

Silver will gain additional downside momentum in case it settles below the nearest support at $28.75 – $29.00.

Platinum

Platinum tests support at $975 – $985 amid broad sell-off in precious metals markets.

If platinum settles below $975, it will move towards the next support level at $925 – $935.

For a look at all of today’s economic events, check out our economic calendar.