Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Treasury Yields Fall

Key Insights

• Gold rallied in response to the disappointing JOLTs Job Openings report.
• Silver moved above the $24.50 level, boosted by a weakened dollar and lower Treasury yields. 
• Platinum tested new highs as the strong rebound continued.

Gold

Gold rallied as traders reacted to the disappointing JOLTs Job Openings report, which missed analyst estimates by a wide margin. Traders bet that Fed will be less hawkish as high interest rates have started to put material pressure on the job market.

In case gold manages to settle above the resistance at $1935 – $1940, it will head towards the next resistance level, which is located in the $1975 – $1985 range.

Silver

Silver moved above the $24.50 level as traders focused on the weak dollar and falling Treasury yields.

If silver stays above $24.50, it will get to the test of the next resistance level at $25.00 – $25.25.

Platinum

Platinum tested new highs amid a strong rally in precious metals markets.

RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

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