Gold, Silver, Platinum Forecasts – Gold Tests Multi-Month Lows
- Gold tests support at $1875 – $1885 as Treasury yields test new highs.
- Silver moved towards the $22.50 level.
- Platinum settled below the psychologically important $900 level.
Gold tests multi-month lows as U.S. dollar continues to move higher. Treasury yields tested new highs, which was bearish for gold markets.
If gold settles below the $1875 level, it will head towards the next support, which is located in the $1845 – $1855 range.
Silver pulled back towards the $22.50 level as traders prepared for a more hawkish Fed.
From the technical point of view, silver is trying to settle below the strong support in the $22.25 – $22.50 range. A move below $22.25 may lead to a sell-off.
Platinum declined below the $900 level amid a broad sell-off in precious metals markets.
The support at $880 – $890 is strong, and it remains to be seen whether platinum will be able to settle below $880 in the near term.
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