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

Key Insights

• Gold faced resistance near $1935 and pulled back. 
• Silver declined towards the $22.50 level as traders took some profits off the table. 
• Platinum tests resistance at $890 despite rising Treasury yields. 

Gold

Gold is moving lower as traders take some profits off the table after the strong rally. However, demand for safe-haven assets may stay strong as tensions in the Middle East are increasing.

In case gold manages to settle above the resistance at $1935 – $1945, it will head towards the next resistance level, which is located in the $1975 – $1985 range.

Silver

Silver is also moving lower amid profit-taking. Rising Treasury yields have put some pressure on silver markets.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Platinum

Platinum tests resistance at $880 – $890 as the rebound continues. Platinum did not enjoy a strong rally in recent trading sessions, and it looks that some traders are using it as a catch-up play.

A move above the $890 level will open the way to the test of the resistance at $925 – $935.

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