Gold, Silver, Platinum Forecasts – Gold Pulls Back After Testing New Highs

Gold

Gold pulled back from historic highs as U.S. dollar gained ground after the release of the better-than-expected ISM Manufacturing PMI report. It should be noted that demand for gold stays strong despite rising Treasury yields, which is a bullish sign.

In case gold manages to settle above the recent highs, it will move towards the $2300 level. On the support side, a move below the $2200 level may trigger a wave of profit-taking.

Silver

Silver is mosly flat as gold/silver ratio settled near the 89.50 level. High gold/silver ratio remains a significant bearish catalyst for silver.

From the technical point of view, silver has recently received strong support in the $24.40 – $24.60 area and may try to get to the test of the resistance at $25.75 – $26.00.

Platinum

Platinum is losing ground as traders focus on rising Treasury yields and strong dollar.

The technical picture has not changed as platinum remains range-bound above the key support at $880 – $890.

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