Gold, Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Test New Highs

By:

Vladimir Zernov

Published: Dec 13, 2024, 17:23 GMT+00:00

Key Points:

Gold pulled back below the support at $2675 as traders focused on rising Treasury yields.
Silver declined below the $30.50 level amid falling demand for precious metals.
Platinum tested multi-week lows near the $915 level.

Gold

Gold 131224 Daily Chart

Gold pulls back as traders stay focused on rising Treasury yields, which have made a significant move in recent trading sessions.

If gold stays below the support at $2675 – $2685, it will move towards the next support level, which is located in the $2580 – $2590 range.

Silver

Silver 131224 Daily Chart

Silver tests new lows as gold/silver ratio climbed above the 87.00 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

If silver declines below the $30.00 level, it will head towards the support, which is located in the $28.75 – $29.00 range.

Platinum

Platinum 131224 Daily Chart

Platinum is under strong pressure as demand for precious metals declined. The sell-off in palladium markets, which are down by 3%, served as an additional bearish catalyst for platinum.

A move below the $915 level will push platinum towards the support level at $895 – $905.

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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.