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Gold, Silver, Platinum Forecasts – Gold Pulls Back Below $2400 As Treasury Yields Rise
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Key Points:
- Gold is losing ground as U.S. dollar rebounds.
- Silver made an attempt to settle below the $27.00 level.
- Platinum pulled back after an unsuccessful attempt to climb above $920.
Gold
Gold pulls back as U.S. dollar continues to rebound after the recent pullback. Rising Treasury yields serve as an additional bearish catalyst for gold markets.
If gold settles below the $2390 level, it will head towards the 50 MA at $2366.
Silver
Silver remains under pressure as traders focus on the pullback in gold markets. Gold/silver ratio declined towards the 88 level, but this move did not provide sufficient support to silver markets.
From the technical point of view, silver needs to climb back above the $27.50 level to have a chance to gain upside momentum in the near term.
Platinum
Platinum made an attempt to rebound but lost momentum and pulled back below the $910 level.
In case platinum stays below $910, it will continue to move towards the nearest support level, which is located in the $880 – $890 range.
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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