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Gold, Silver, Platinum Forecasts – Gold Climbs Above $2350 As Treasury Yields Pull Back

By:
Vladimir Zernov
Published: Jun 5, 2024, 17:34 GMT+00:00

Key Points:

  • Gold gains ground, supported by falling Treasury yields.
  • Silver is trying to settle back above the $30.00 level.
  • Platinum made an attempt to settle back above the $1000 level.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 050624 Daily Chart

Gold moved above the $2350 level as traders focused on the pullback in Treasury yields. Stronger dollar did not put any pressure on precious metals markets today.

In case gold settles above $2350, it will head towards the nearest resistance level at $2390 – $2400.

Silver

Silver
Silver 050624 Daily Chart

Silver rebounds after yesterday’s sell-off. Gold/silver ratio pulled back towards the 78.50 level, providing additional support to silver.

A move above the psychologically important $30.00 level will push silver towards the resistance at $30.90 – $31.20.

Platinum

Platinum
Platinum 050624 Daily Chart

Platinum gains some ground amid a broad rebound in precious metals markets.

In case platinum climbs back above the $1000 level, it will get to the test of the 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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