Gold, Silver, Platinum Forecasts – XAU/USD And XAG/USD Navigate Key Price Zones

Key Insights

• Gold moved lower as U.S. dollar gained ground against a broad basket of currencies. 
• Silver bounced above the $22.50 level as traders bought the dip. 
• Platinum tested the key support at $890.

Gold

Gold remains under pressure as U.S. dollar gains ground against a broad basket of currencies. Rising Treasury yields are also bearish for gold markets.

In case gold declines below the support in the $1900 – $1910 range, and it will gain additional downside momentum and move towards the support at $1860 – $1870.

Silver

Silver rebounded from session lows as some traders decided to take profits near the strong support in the $22.15 – $22.35 range.

The nearest resistance level for silver is located at $23.00 – $23.25. A move above $23.25 will push silver towards the resistance at $24.00 – $24.25.

Platinum

Platinum tested support at $890 – $900 amid a broad pullback in precious metals markets.

If platinum settles below the $890 level, it will head towards the support at $850 – $860. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum.

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