Gold, Silver, Platinum Forecasts – Gold Tests Weekly Lows Despite Falling Treasury Yields

Key Insights

• The price of gold settled near the $2030 level as weaker dollar and lower Treasury yields did not provide sufficient support to gold markets. 
• Silver moved back above the $23.00 level as gold/silver ratio declined towards 87.50.
• Platinum made another attempt to settle below the $950 level. 

Gold

Gold tested new lows despite U.S. dollar’s pullback and falling Treasury yields. The broad pullback in commodity markets served as the key negative catalyst for gold.

If gold settles below the support at $2015 – $2025, it will move towards the next support level at $1970 – $1980.

Silver

Silver managed to rebound from session lows as gold/silver ratio moved towards the 87.50 level. Gold/silver ratio remains close to multi-month highs, and an additional pullback may provide significant support to silver.

From the technical point of view, silver is stuck below the resistance at $23.40 – $23.60. A move above $23.50 will push silver towards the next resistance at $25.00 – $25.30.

Platinum

Platinum is under pressure amid a broad pullback in commodity markets.

If platinum settles below the $950 level, it will head towards the next support at $925 – $935.

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