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

By:
Vladimir Zernov
Updated: Jun 17, 2024, 19:31 GMT+00:00

Key Points:

  • Gold pulled back below the $2320 level.
  • Silver is under pressure as gold/silver ratio settled near the 79 level.
  • Platinum gains ground as traders focused on the better-than-expected Retail Sales data from China.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 170624 Daily Chart

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
Silver 170624 Daily Chart

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
Platinum 170624 Daily Chart

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.

About the Author

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.

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