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Gold, Silver, Platinum Forecasts – Gold Pulls Back After Testing New Highs
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Key Points:
- Gold declined towards the $2230 level as traders reacted to the strong ISM Manufacturing PMI report.
- Silver settled near the $25.00 level.
- Platinum pulled back below $900 as traders focused on rising Treasury yields.
In this article:
Gold
Gold pulled back from historic highs as U.S. dollar gained ground after the release of the better-than-expected ISM Manufacturing PMI report. It should be noted that demand for gold stays strong despite rising Treasury yields, which is a bullish sign.
In case gold manages to settle above the recent highs, it will move towards the $2300 level. On the support side, a move below the $2200 level may trigger a wave of profit-taking.
Silver
Silver is mosly flat as gold/silver ratio settled near the 89.50 level. High gold/silver ratio remains a significant bearish catalyst for silver.
From the technical point of view, silver has recently received strong support in the $24.40 – $24.60 area and may try to get to the test of the resistance at $25.75 – $26.00.
Platinum
Platinum is losing ground as traders focus on rising Treasury yields and strong dollar.
The technical picture has not changed as platinum remains range-bound above the key support at $880 – $890.
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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