Gold, Silver, Platinum Forecasts – Metals Tumble on Strong Dollar, Rising Yields

James Hyerczyk
Published: Jun 25, 2024, 17:13 GMT+00:00

Key Points:

  • Gold prices slip due to a stronger dollar and rising Treasury yields, increasing costs for foreign buyers. Physical demand from central banks and Asian markets remains robust.
  • Silver prices fall 1.4% to $29.22 per ounce, influenced by a stronger dollar and rising Treasury yields. Industrial demand and investment interest remain robust.
  • Platinum prices decline 0.4% to $990.85 per ounce due to a stronger dollar. Automotive and industrial demand continue to support the market.
Gold, Silver, Platinum Forecasts


Daily Gold (XAU/USD)

Gold prices slipped on Tuesday, pressured by a stronger dollar and rising Treasury yields. The dollar’s 0.2% gain made gold more expensive for other currency holders. Despite this, strong physical demand persists, with central banks and Asian markets buying heavily. Gold ETFs saw $212 million in inflows last week. Traders are watching upcoming U.S. GDP estimates and PCE price index reports for rate cut cues. The outlook remains bullish due to potential Fed rate cuts and ongoing geopolitical tensions.

The XAU/USD daily chart shows gold prices dropping to $2,318, with support at $2,305. The 50-day SMA at $2,341 serves as a resistance level. The RSI at 47.31 indicates weak buying pressure. A further decline could test support at $2,294. Traders should watch these key levels for potential market direction..


Daily Silver (XAG/USD)

Silver prices dipped 1.4% to $29.22 per ounce on Tuesday, impacted by the rising dollar and Treasury yields. The stronger dollar makes silver more expensive for foreign buyers. Despite this, industrial demand and investment interest in silver remain robust. The market is also anticipating U.S. economic data later this week, which could influence Federal Reserve rate decisions. A potential rate cut could support silver prices by reducing the opportunity cost of holding non-yielding assets.

The XAG/USD daily chart shows silver prices falling below $29, with support at $28.66 and resistance around $29.18. The RSI is at 45.27, indicating bearish momentum, and prices remain below the 50-day SMA at $29.17.


Daily Platinum (XPT/USD)

Platinum prices eased 0.4% to $990.85 per ounce, influenced by the stronger dollar and rising Treasury yields. The dollar’s strength has made platinum more expensive for international buyers. However, automotive and industrial demand continues to support the market. Traders are focusing on upcoming U.S. economic data, which may affect interest rate expectations and, consequently, platinum prices. A potential rate cut by the Fed could provide upward momentum for platinum in the near term.

The XPT/USD daily chart shows platinum prices at $985, with the 50-day SMA at $985.91 acting as support. Resistance is at $1,010. The RSI is 49.34, indicating neutral momentum. Traders should watch these levels for potential movement.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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