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Gold, Silver, Platinum Forecasts – Gold Tests Multi-Month Lows

By:
Vladimir Zernov
Published: Sep 27, 2023, 17:00 GMT+00:00

Rate hike worries put significant pressure on precious metals markets.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • 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

Gold
Gold 270923 Daily Chart

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

Silver
Silver 270923 Daily Chart

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

Platinum
Platinum 270923 Daily Chart

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.

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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