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Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure

By:
Vladimir Zernov
Published: Oct 3, 2023, 18:00 GMT+00:00

Silver managed to move away from multi-month lows.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold is losing ground as Treasury yields continue to move higher. 
  • Silver rebounds as gold/silver ratio retreats towards 86.
  • Platinum dips below the important $880 level. 

Gold

Gold
Gold 031023 Daily Chart

Gold remains under pressure as Treasury yields test new highs after the release of the better-than-expected JOLTs Job Openings report.

Traders should note that RSI is in the extremely oversold territory, so the risks of a rebound are increasing.

Silver

Silver
Silver 031023 Daily Chart

Silver rebounds from recent lows as gold/silver ratio pulls back towards the 86 level.

RSI remains in the oversold territory, so silver has a decent chance to gain additional upside momentum.

Platinum

Platinum
Platinum 031023 Daily Chart

Platinum moved below the $880 level as the pullback continued. High yields and strong dollar served as the key bearish catalysts for platinum.

In case platinum settles below the support at $880 – $890, it will head towards the next support level at $835 – $845.

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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