Gold, Silver, Platinum Forecasts – Precious Metals Dive As China’s Services PMI Disappoints

Key Insights

• Gold retreats as dollar tests multi-month highs. 
• Silver declines, driven by the disappointing Services PMI report from China.
• Platinum tests support at $925 – $935.

Gold

Gold pulls back as traders focus on rising Treasury yields and stronger dollar. At the same time, gold gets some support from rising demand for safe-haven assets.

From the technical point of view, gold settled below the $1935 level and is moving towards the support at $1900 – $1910.

Silver

Silver found itself under strong pressure as traders reacted to the disappointing Services PMI report from China.

In case silver declines below the 200 MA at $23.45, it will head towards the support at $22.25 – $22.50.

Platinum

Platinum gained strong downside momentum amid worries about the health of the Chinese economy.

A successful test of the support at $925 – $935 will open the way to the test of the next support level, which is located in the $880 – $890 range.

For a look at all of today’s economic events, check out our economic calendar.