Gold, Silver, Platinum Forecasts – Gold Gains 0.9% As Dollar Retreats

Gold

Gold gained ground as traders focused on weak dollar and falling Treasury yields. Traders reacted to U.S. inflation reports, which showed that Inflation Rate declined from 3.4% in April to 3.3% in May.

In case gold settles above the 50 MA at $2345, it will move towards the nearest resistance level at $2390 – $2400.

Silver

Silver rallied as gold/silver ratio pulled back towards the 77.50 level. The dynamics of gold/silver ratio served as the key catalyst for recent volatility in silver markets.

A move above the $30.00 level opens the way to the test of the resistance at $30.90 – $31.20.

Platinum

Platinum rebounds from multi-week lows amid broad rally in precious metals markets.

From the technical point of view, platinum needs to settle above the resistance at $975 – $985 to gain additional upside momentum.

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