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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Historic Highs
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Key Points:
- Gold moved away from historic highs as traders reacted to rising Treasury yields.
- Silver declined below $32.00 as gold/silver ratio increased.
- Platinum did not manage to settle above the resistance at $1025 - $1030.
Gold
Gold tested new highs but lost momentum and pulled back as traders focused on rising Treasury yields.
If gold settles below the $2830 level, it will move towards the nearest support, which is located in the $2780 – $2790 range.
Silver
Silver declined below the $32.00 level as gold/silver ratio climbed above the 89.00 level.
The nearest support level for silver is located in the $31.45 – $31.75 range. A move below the $31.45 level will push silver towards the 50 MA at $30.55.
Platinum
Platinum is mostly flat after an unsuccessful attempt to settle above the resistance level at $1025 – $1030.
If platinum pulls back below the $1000 level, it will move towards the support level at $980 – $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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