Gold, Silver, Platinum Forecasts – Gold Moves Lower As Treasury Yields Rise

By:

Vladimir Zernov

Published: Dec 23, 2024, 17:11 GMT+00:00

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 231224 Daily Chart

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 231224 Daily Chart

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 231224 Daily Chart

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 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.