Gold, Silver, Platinum Forecasts – Gold Drops 1.2% On Profit-Taking

Gold

Gold pulls back as traders take profits off the table near historic highs. Strong dollar and rising Treasury yields may have put additional pressure on gold markets, although profit-taking was the key driver for the pullback.

In case gold declines below the $2710 level, it will move towards the nearest support at $2675 – $2685.

Silver

Silver declined below the $34.00 level as gold/silver ratio jumped above the 80 level.

If silver moves back below the $33.00 level, it will head towards the nearest support level, which is located in the $31.45 – $31.75 range.

Platinum

Platinum is losing ground amid strong pullback in precious metals markets.

From the technical point of view, platinum failed to settle above the resistance at $1020 – $1030.

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