Gold, Silver, Platinum Forecasts – Precious Metals Pull Back As Dollar Rebounds

Key Insights

• Gold grapples with the U.S. dollar’s newfound strength, finding little comfort in declining Treasury yields.
• Silver treads a parallel path, its price dimmed by the luminosity of a resurgent dollar.
• Platinum, too, succumbs to profit-taking pressures, slipping in a market-wide retreat of precious metals.

Gold

Gold pulls back as traders focus on U.S. dollar’s rebound. The continuation of the pullback in Treasury yields did not provide enough support to gold markets.

If gold settles back below the $1940 level, it will head towards the nearest support, which is located in the $1900 – $1910 range.

Silver

Silver is also moving lower as traders stay focused on stronger dollar, which is bearish for precious metals.

The current pullback looks healthy after the strong rebound, and it remains to be seen whether silver will gain sustainable downside momentum in the near term.

Platinum

Platinum is losing ground amid a broad pullback in precious metals markets. Most likely, the pullback in platinum markets is driven by profit-taking.

In case platinum settles below the $975 level, it will have a good chance to gain additional downside momentum.

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