Gold, Silver, Platinum Forecasts – Gold Declines Despite Falling Treasury Yields

By:

Vladimir Zernov

Updated: May 31, 2024, 17:28 GMT+00:00

Key Points:

Gold pulled back below the $2335 level.
Silver is under strong pressure as gold/silver ratio rebounded towards 76.50.
Platinum managed to gain some ground in today's trading session.

Gold

Gold 310524 Daily Chart

Gold is losing ground amid lack of significant catalysts. Treasury yields are moving lower, but this move does not provide support to gold markets.

In case gold settles below the 50 MA at $2327, it will head towards the support level at $2295 – $2305.

Silver

Silver 310524 Daily Chart

Silver pulls back as traders continue to take profits after the strong rally. Gold/silver ratio rebounded towards 76.50, which was bearish for silver.

If silver stays below the $30.90 level, it will head towards the support at $28.75 – $29.00.

Platinum

Platinum 310524 Daily Chart

Platinum received support near the $1020 level and is trying to gain upside momentum.

A move above the $1050 level will push platinum towards the resistance at $1070 – $1080.

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

About the Author

Vladimir Zernovauthor

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.