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Gold, Silver, Platinum Forecasts – Gold Tests New Lows As Treasury Yields Rise
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Key Points:
- Gold made an attempt to settle below the $2390 level.
- Silver continued its attempts to settle below the support at $28.75 - $29.00.
- Platinum pulled back below the $950 level amid worries about China's economy.
Gold
Gold tests new lows as pullback continues amid rising Treasury yields. From a big picture point of view, traders continue to take profits near historic highs.
Currently, gold is trying to settle below the support at $2390 – $2400. In case this attempt is successful, it will head towards the next support level at $2295 – $2305.
Silver
Silver made an attempt to settle below the support at $28.75 – $29.00 as gold/silver ratio remained above the 82 level.
A move below $28.75 will push silver towards the next support at $27.20 – $27.50.
Platinum
Platinum tests new lows as China’s central bank cut the five-year loan prime rate from 3.95% to 3.85%. Traders are worried that problems of China’s economy would hurt demand for platinum.
If platinum settles below the support at $935 – $940, it will move towards the next support level at $890 – $900.
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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