Gold, Silver, Platinum Forecasts – Gold Tests New Lows As Treasury Yields Rise

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.