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Gold, Silver, Platinum Forecasts – Gold Pulls Back Below $2350
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Key Points:
- Gold is losing ground as traders focus on rising Treasury yields.
- Silver pulled back towards the psychologically important $30.00 level.
- Platinum tests support at $1010 - $1020.
Gold
Gold remains under strong pressure as traders continue to take profits near historic highs. Rising Treasury yields served as an additional bearish catalyst for gold markets.
In case gold manages to settle below the $2340 level, it will head towards the support at $2295 – $2305.
Silver
Silver is losing ground amid profit-taking. Gold/silver ratio climbed towards the 77.50 level, which was bearish for silver.
A move below the $30.00 level will open the way to the test of the support at $28.75 – $30.00.
Platinum
Platinum continues to move lower amid a strong pullback in precious metals markets.
A successful test of the support at $1010 – $1020 will push platinum towards the next support level at $975 – $985.
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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