Gold, Silver, Platinum Forecasts – Gold Pulls Back From Multi-Month Highs

Key Insights

• Gold declined towards the $2040 level. 
• Silver gained ground as gold/silver ratio declined below the 81 level. 
• Platinum pulled back amid demand worries. 

Gold

Gold pulls back as traders take some profits off the table amid rising Treasury yields. U.S. dollar’s rebound put additional pressure on gold markets.

The nearest support level for gold is located in the $2015 – $2025 range. A move below the $2015 level will open the way to the test of the next support at $1975 – $1985.

Silver

Silver tests resistance at $25.00 – $25.30 as gold/silver ratio pulled back below the 81 level.

If silver manages to settle above $25.30, it will head towards the next resistance, which is located in the $26.00 – $26.15 range.

Platinum

Platinum pulls back after an unsuccessful attempt to settle above the resistance at $925 – $935.

If platinum moves back below the $925 level, it will head towards the support at $880 – $890.

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