Gold, Silver, Platinum Forecast – Gold Retreats At The Start Of The Week

Gold

Gold is under pressure as traders focus on rising Treasury yields. From a big picture point of view, gold needs additional positive catalysts to gain sustainable upside momentum.

It should be noted that gold received strong support in the $2295 – $2305 range, so the market needs significant catalysts to settle below $2295.

Silver

Silver is moving lower as traders focus on the dynamics of gold markets. Gold/silver ratio settled near the 79.00 level. A move above 80 will put additional pressure on silver markets.

A successful test of the support at $28.75 – $29.00 will push silver towards the next support level at $27.20 – $27.50.

Platinum

Platinum continues to rebound from multi-week lows as traders react to China’s economic reports. Industrial Production increased by 5.6% year-over-year in May, while Retail Sales grew by 3.7%. The better-than-expected Retail Sales report provided some support to platinum markets.

In case platinum manages to settle above the resistance at $975 – $985, it will move towards the next resistance at $1010 – $1020.

For a look at all of today’s economic events, check out our economic calendar.