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Gold, Silver, Platinum Forecasts – Gold Rebounds After Pullback

By:
Vladimir Zernov

Silver and platinum remain under strong pressure despite falling Treasury yields.

Gold, Silver, Platinum Forecasts – Gold Rebounds After Pullback

In this article:

Key Insights

  • Gold moved back above the $2025 level. 
  • Silver declined below $24.00 as gold/silver ratio settled above 84.50.
  • Platinum tested support at $880 – $890.

Gold

Gold
Gold 061223 Daily Chart

Gold rebounds as traders focus on the pullback in Treasury yields. The U.S. dollar is flat against a broad basket of currencies, which is mostly bullish for gold markets.

In case gold manages to settle above the $2025 level, it will move towards the next resistance at $2055 – $2065.

Silver

Silver
Silver 061223 Daily Chart

Silver tested new lows as gold/silver ratio rebounded above the 84.50 level. The strong rebound of gold/silver ratio in recent trading sessions served as the key bearish catalyst for silver markets.

From the technical point of view, silver has recently moved below the $24.00 level and is heading towards the support at $23.40 – $23.60.

Platinum

Platinum
Platinum 061223 Daily Chart

Platinum is losing ground as the pullback conitnues. Currently, platinum is trying to settle below the support at $880 – $890.

In case this attempt is successful, platinum will head towards the next support level, which is located in the $840 – $850 range.

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

About the Author

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.

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