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Gold, Silver, Platinum Forecasts – Gold Tests New Highs Despite Rising Treasury Yields
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Key Points:
- Gold continued to rebound from May lows as traders ignored stronger dollar and rising Treasury yields.
- Silver pulled back amid profit-taking.
- Platinum moved towards the psychologically important $1000 level.
Gold
Gold tested new highs despite rising Treasury yields. Demand for gold stays strong as traders bet that central banks will keep buying gold for reserves.
The nearest resistance level for gold is located in the $2390 – $2400 range. A move above the $2400 level will push gold towards $2450.
Silver
Silver pulled back as gold/silver ratio rebounded above 83.50. Profit-taking served as the key driver for the pullback.
From the technical point of view, silver settled in a range between the support at $27.75 – $28.00 and the resistance at $28.75 – $29.00.
Platinum
Platinum climbed above the resistance at $975 – $985 and moved towards the $1000 level.
If platinum settles above $1000, it will head towards the resistance at $1010 – $1020.
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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