Gold, Silver, Platinum Forecasts – Gold Pulls Back Ahead Of The Weekend

Key Insights

• Gold declined as U.S. dollar gained ground against a broad basket of currencies. 
• Silver pulled back towards the $24.00 level. 
• Platinum moved lower as traders ignored the strong rally in palladium markets. 

Gold

Gold pulls back as traders focus on U.S. dollar’s rebound. Treasury yields are mostly flat in today’s trading session and have no material impact on gold markets.

In case gold stays above the resistance at $2015 – $2025, it will head towards the next resistance level at $2065 – $2075.

Silver

Silver pulls back as traders take some profits off the table after the recent rebound. Gold/silver ratio moved back above the 84.50 level, which was bearish for silver.

If silver settles below the $24.00 level, it will head towards the nearest support at $23.40 – $23.60.

Platinum

Platinum is moving lower despite the strong rally in palladium markets.

From the technical point of view, the current pullback looks normal after the strong rebound from December lows.

For a look at all of today’s economic events, check out our economic calendar.