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Gold, Silver, Platinum Forecasts – Gold Retreats As Dollar Tests New Highs
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Key Points:
- Gold settled below the $2350 level as U.S. Inflation Rate exceeded analyst expectations.
- Silver moved back below the $28.00 level after testing new highs.
- Platinum pulled back towards the $960 level.
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.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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