Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Focus On Fed Policy Outlook

Key Insights

• Gold pulled back towards the $2025 level as Treasury yields moved higher. 
• Silver declined below the $23.00 level. 
• Platinum tested new lows as traders focused on stronger dollar. 

Gold

Gold is losing ground as traders focus on rising Treasury yields. Traders bet that Fed may be less dovish as the current crisis in Red Sea may boost inflation.

If gold declines below the nearest support at $2015 – $2025, it will move towards the next support level, which is located in the $1970 – $1980 range.

Silver

Silver is losing ground amid a broad pullback in precious metals markets. Rising Treasury yields and stronger dollar serve as key bearish catalysts for silver.

From the technical point of view, silver remains stuck between the support at $22.50 and the resistance at $23.60.

Platinum

Platinum  tested new lows as the strong pullback continued. RSI is in the moderate territory, and there is enough room to gain additional downside momentum.

If platinum declines below the support at $880 – $890, it will move towards the next support level at $840 – $850.

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