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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Treasury Yields Pull Back
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Key Points:
- Gold is trying to settle above the $2040 level.
- Silver rebounded towards $23.00 after an unsuccessful attempt to settle below $22.50.
- Platinum gained some ground amid rising demand for precious metals.
Gold
Gold gains ground as traders focus on the pullback in Treasury yields. Falling Treasury yields serve as a bullish catalyst for precious metals that pay no interest.
In case gold manages to stay above the $2025 level, it will move towards the nearest resistance at $2065 – $2075.
Silver
Silver rebounded towards the $23.00 level as gold/silver ratio pulled back below the 89 level after an unsuccessful attempt to settle above 89.50.
A move above the $23.00 level will push silver towards the resistance at $23.40 – $23.60.
Platinum
Platinum settled back above the $900 level amid a broad rally in precious metals markets.
From the technical point of view, platinum is moving towards the resistance at $925 – $935.
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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