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Gold, Silver, Platinum Forecasts – Gold Dives As Dollar Tests New Highs
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Key Points:
- Gold is moving towards the $2650 level as traders focus on strong dollar and rising Treasury yields.
- Silver pulled back below the $30.00 level as gold/silver ratio tested weekly highs.
- Platinum moved towards the $960 level as traders rushed to take profits after the recent rally.
In this article:
Gold
Gold retreats as U.S. dollar tests yearly highs. Rising Treasury yields put additional pressure on precious metals markets in today’s trading session.
If gold settles below the 50 MA at $2646, it will move towards the nearest support, which is located in the $2580 – $2590 range.
Silver
Silver is under strong pressure as gold/silver ratio climbed above the 89.50 level. If gold/silver ratio settles above 90, silver will gain additional downside momentum.
A move below the $29.50 level will push silver towards the support, which is located in the $28.75 – $29.00 range.
Platinum
Platinum is losing ground amid broad pullback in precious metals markets. Palladium is down by amost 3%, which is bearish for platinum.
If platinum settles below the $960 level, it will head towards the support level at $935 – $945.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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