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

Key Insights

• Gold settled above the $2050 level as traders focused on U.S. dollar’s pullback and falling Treasury yields. 
• Silver climbed back above the $23.00 level. 
• Platinum moved lower as traders remained focused on the problems of the Chinese economy. 

Gold

Gold gains ground as Treasury yields test new lows. Traders view Powell’s comments as rather dovish, which is bullish for gold markets.

In case gold climbs above the resistance at $2065- $2075, it will move towards the $2100 level.

Silver

Silver received strong support near the $22.50 level and moved back above $23.00.

The nearest resistance for silver is located in the $23.40 – $23.60 range. A move above $23.60 will push silver towards the resistance at $24.40 – $24.60.

Platinum

Platinum is under pressure amid worries about the health of the Chinese economy.

RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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