Gold, Silver, Platinum Forecasts – Gold Pulls Back Amid Profit-Taking

Key Insights

• Gold pulled back towards the $2070 level as U.S. dollar rebounded from multi-month lows. 
• Silver moved lower as traders focused on the pullback in gold markets. 
• Platinum tested new highs at $1019.

Gold

Gold pulls back as traders take some profits off the table. U.S. dollar’s rebound served as a negative catalyst for gold markets today.

In case gold manages to settle back below the $2065 level, it will head towards the support at $2015 – $2025.

Silver

Silver is also losing ground as traders focus on U.S. dollar’s strength. Rising Treasury yields put additional pressure on silver markets.

A move below the $24.00 level will push silver towards the support at $23.40 – $23.60.

Platinum

Platinum tests new highs as the rally continues. It should be noted that platinum is gaining ground for the eighth consecutive day.

If platinum stays above the $1000 level, it will move towards the next resistance at $1035 – $1045.

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