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Gold, Silver, Platinum Forecasts – Gold Moves Lower As Treasury Yields Rise
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Key Points:
- Gold pulled back below the $2620 level as traders focused on rising Treasury yields.
- Silver climbed above $29.50 as gold/silver ratio moved away from multi-month highs.
- Platinum made an attempt to settle above the resistance at $935 - $945.
Gold
Gold retreats as traders react to strong U.S. dollar and rising Treasury yields. Profit-taking serves as an additional bearish catalyst for gold markets today.
If gold pulls back below the $2610 level, it will move towards the nearest support at $2580 – $2590.
Silver
Silver gained ground as gold/silver ratio pulled back towards the 88 level. Gold/silver ratio did not manage to settle above the 90 level, which is a bullish development for silver.
A move above the $30.00 level will push silver towards the resistance at $31.45 – $31.75.
Platinum
Platinum continues to rebound after the recent pullback. Rising palladium markets provided additional support to platinum in today’s trading session.
A successful test of the resistance at $935 – $945 will push platinum towards the 50 MA at $965.
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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