Gold, Silver, Platinum Forecasts – Gold Rebounds Above $2350 As Dollar Pulls Back

By:

Vladimir Zernov

Published: Jun 3, 2024, 17:17 GMT+00:00

Key Points:

Gold gained ground as Treasury yields tested new lows.
Silver rebounded above the $30.50 level.
Platinum continued its attempts to settle below the support at $1010 - $1020.

Gold

Gold 030624 Daily Chart

Gold is moving higher as traders focus on the strong pullback in Treasury yields. U.S. dollar is losing ground against a broad basket of currencies, providing additional support to gold markets.

In case gold settles back above the $2350 level, it will head towards the nearest resistance at $2390 – $2400.

Silver

Silver 030624 Daily Chart

Silver rebounds from session lows, supported by weaker dollar and falling Treasury yields.

A move above the resistance at $30.90 – $31.20 will provide silver with an opportunity to gain additional upside momentum.

Platinum

Platinum 030624 Daily Chart

Platinum tests support at $1010 – $1020 amid demand worries. U.S. dollar’s pullback did not provide support to platinum markets.

If platinum settles below $1010, it will head towards the next support at $975 – $985.

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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.