Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Worry About Hawkish Fed

Gold

Gold pulled back as traders reacted to U.S. inflation reports, which exceeded analyst expectations. Fed may be forced to be more hawkish to fight inflation, which is bearish for gold and other precious metals that pay no interest.

From the technical point of view, gold needed a pullback after a strong rally. RSI remains in the overbought territory, so gold will likely get to another test of the support at $2140 – $2150.

Silver

Silver moved lower as gold/silver ratio settled back above the 89 level. From a big picture point of view, silver failed to settle above the resistance at $24.40 – $24.60.

If silver pulls back below the $24.00 level, it will head towards the nearest support at $23.40 – $23.60.

Platinum

Platinum is losing ground amid a broad pullback in precious metals markets.

If platinum declines below the 50 MA at $906, it will move towards the support at $880 – $890.

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