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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests New Highs
By:
Precious metals are under pressure as traders focus on strong dollar and rising Treasury yields.
Key Insights
- Gold pulled back towards $2035 as dollar rallied after Non Farm Payrolls report.
- Silver tested the $22.50 level as gold/silver ratio rebounded towards 90.
- Platinum declined below the $900 level.
Gold
Gold retreats as U.S. dollar tests new highs after the release of strong Non Farm Payrolls report.
From the technical point of view, gold settled in a range between the support at $2015 and the resistance at $2065.
Silver
Silver is under strong pressure as gold/silver ratio rebounded towards the psychologically important 90 level.
Silver needs to settle below the strong support at $22.25 – $22.50 to gain additional downside momentum.
Platinum
Platinum is moving lower amid a broad sell-off in precious metals markets.
A successful test of the support at $880 – $890 will open the way to the test of the next support level at $840 – $850.
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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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