Gold, Silver, Platinum Forecasts – Gold Slides Below $2000 As U.S. Inflation Exceeds Expectations

Key Insights

• Gold is trying to settle below the key $2000 level. 
• Silver tests support at $22.25 as traders focus on strong dollar and rising Treasury yields. 
• Platinum pulled back below the $880 level. 

Gold

Gold is under strong pressure as traders react to U.S. inflation reports. Treasury yields tested new highs as bond traders bet on a more hawkish Fed. Rising Treasury yields are bearish for gold and other precious metals that pay no interest.

If gold stays below the $2000 level, it will head towards the next support at $1965 – $1975.

Silver

Silver is losing ground as gold/silver ratio climbed back above the 90 level. U.S. dollar tested new highs after the release of CPI data, putting additional pressure on silver markets.

A move below the $22.25 level will open the way to the test of the support at $21.50 – $21.65.

Platinum

Platinum pulls back amid a broad sell-off in precious metals markets.

In case platinum declines below the $870 level, it will head towards the support at $840 – $850.

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