Gold, Silver, Platinum Forecasts – Gold Retreasts As Dollar Tests New Highs

Key Insights

• Gold is trying to settle below the $2000 level as traders reduce bets on a dovish Fed. 
• Silver tests support at $22.25 – $22.50 as traders focus on stronger dollar and rising Treasury yields. 
• Platinum pulled back below the $880 level. 

Gold

Gold is losing ground as traders focus on the better-than-expected Retail Sales data from the U.S. Fed may be less dovish than previously expected as U.S. economy remains in a decent shape.

A move below the $2000 level will push gold towards the next support at $1970 – $1980.

Silver

Silver tests support at $22.25 – $22.50 as gold/silver ratio moved back towards the 89.00 level.

A successful test of the support at $22.25 – $22.50 will open the way to the test of the next support level at $21.50 – $21.70.

Platinum

Platinum is losing ground amid a broad sell-off in precious metals markets. The disappointing economic data from China put additional pressure on platinum markets.

If platinum settles below the $880 level, it will move towards the next support at $840 – $850.

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