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Gold, Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Rally

By:
Vladimir Zernov
Published: May 29, 2024, 17:25 GMT+00:00

Key Points:

  • Gold pulled back towards the $2340 level.
  • Silver gained ground as gold/silver ratio moved below the 73 level.
  • Platinum declined towards $1040 amid profit-taking.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 290524 Daily Chart

Gold pulls back as traders focus on stronger dollar and rising Treasury yields. From a big picture point of view, traders are worried about hawkish Fed.

In case gold settles below the 50 MA at $2321, it will get to the test of the nearest support at $2295 – $2305.

Silver

Silver
Silver 290524 Daily Chart

Silver markets stay strong as gold/silver ratio tests new lows. Currently, gold/silver ratio is trying to settle below the 73 level.

In case silver climbs above the recent highs at $32.50, it will move towards the resistance at $33.50 – $34.00.

Platinum

Platinum
Platinum 290524 Daily Chart

Platinum  is under pressure as traders use the recent rebound as an opportunity to take some profits off the table near multi-month highs.

If platinum settles below the $1040 level, it will move towards the support at $1010 – $1020.

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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