Gold, Silver, Platinum Forecasts – Gold Tests The $2050 Level As Treasury Yields Pull Back

By:

Vladimir Zernov

Published: Feb 29, 2024, 17:06 GMT+00:00

Key Points:

Gold managed to move out of the recent trading range and tested new highs at $2050.
Silver climbed back above the $22.50 level.
Platinum remained stuck near the key support at $880.

Gold

Gold 290224 Daily Chart

Gold is moving higher as traders focus on the pullback in Treasury yields.

From the technical point of view, gold markets managed to move higher after a period of consolidation, which is a bullish sign. A move above the $2050 level will open the way to the test of the resistance at $2065 – $2075.

Silver

Silver 290224 Daily Chart

Silver rebounds as traders focus on rising gold markets. Gold/silver ratio settled near the 90.50 level, which is worrisome for silver bulls.

If silver stays above the $22.50 level, it will head towards the 50 MA at $22.98.

Platinum

Platinum 290224 Daily Chart

Platinum continues its attempts to settle below the support at $880 amid demand worries.

If platinum manages to settle below $880, it will head towards the next support level, which is located in the $840 – $850 range.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.