Gold, Silver, Platinum Forecasts – Gold Rebounds Despite Rising Treasury Yields

Key Insights

• Gold is moving higher as traders focus on U.S. dollar’s pullback. 
• Silver managed to rebound towards the $23.00 level. 
• Platinum remains under strong pressure as the pullback continues. 

Gold

Gold is trying to rebound as dollar pulls back after the release of ADP Employment Change report.

If gold manages to settle back above $2050, it will head towards the nearest resistance at $2065 – $2075.

Silver

Silver moved back towards the $23.00 level as traders used the recent pullback as an opportunity to increase their long positions in silver.

From the technical point of view, the support at $22.25 – $22.50 remains a key level for silver. Traders are buying silver in the $22.50 – $23.00 range as they believe that support at $22.25 – $22.50 will not be breached.

Platinum

Platinum tested new lows as the strong pullback continued. Rising Treasury yields and the pullback in palladium markets served as bearish catalysts for platinum.

If platinum settles below the $900 level, it will head towards the next support at $925 – $935.

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