Gold, Silver, Platinum Forecasts – Gold Retreats As Dollar Tests New Highs

Gold

Gold pulled back from historic highs as U.S. dollar rallied after the release of U.S. inflation reports, which exceeded analyst expectations.

In case gold settles below the $2330 level, it will head towards the nearest support at $2295 – $2305.

Silver

Silver moved lower after testing new highs. Strong dollar and rising Treasury yields put significant pressure on silver markets.

A move below the $27.50 level may trigger a wave of profit-taking as silver bulls have enjoyed a strong rally since early March.

Platinum

Platinum declined towards the $960 level amid a broad pullback in precious metals markets.

In case platinum settles below $950, it will head towards the nearest support at $925 – $935.

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