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Gold, Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Test New Highs
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Key Points:
- Gold declined below the $2160 level as U.S. PPI exceeded analyst expectations.
- Silver did not manage to settle above the $25.00 level and pulled back.
- Platinum remains stuck near the resistance at $925 - $935.
Gold
Gold is losing ground as Treasury yields test new highs after the release of the higher-than-expected PPI data.
The nearest support level for gold is located in the $2140 – $2150 range. A move below $2140 will push gold towards the next support at $2065 – $2075.
Silver
Silver is losing ground as traders focus on rising Treasury yields and stronger dollar.
The current pullback looks healthy after the strong rally, but silver needs to stay above the $24.40 – $24.60 level to have a chance to gain upside momentum in the upcoming trading sessions.
Platinum
Platinum is losing ground amid a broad pullback in precious metals markets.
From the technical point of view, platinum remains stuck near the key resistance level 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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