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Gold, Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Rise
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Key Points:
- Gold pulled back towards the $2025 level as Treasury yields moved higher.
- Silver tested support at $22.50 as gold/silver ratio climbed above the 90 level.
- Platinum is trying to settle below the support at $880 - $890.
Gold
Gold is losing ground as traders focus on rising Treasury yields. U.S. dollar’s pullback did not provide any support to gold markets today.
From the technical point of view, gold needs to stay above the $2015 – $2025 level to have a chance to gain sustainable upside momentum in the near term.
Silver
Silver is under strong pressure as gold/silver ratio climbed back above the psychologically important 90 level.
A move below the support at $22.25 – $22.50 will open the way to the test of the support at $21.55 – $21.75.
Platinum
Platinum is losing ground amid a broad pullback in precious metals markets.
In case platinum settles below the support at $880 – $890, it will move towards the next support level, which is located near November lows at $840 – $850.
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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