Gold, Silver, Platinum Forecasts – Precious Metals Remain Under Strong Pressure

Key Insights

• Gold moved towards the $1920 level after the release of ISM Services PMI report. 
• Silver tested new lows as traders focused on rising Treasury yields. 
• Platinum declined below the $915 level amid worries about the health of Chinese economy.

Gold

Gold remains under pressure as U.S. dollar tests new highs after the release of the better-than-expected ISM Services PMI report.

Gold has already settled below the $1935 level and is moving towards the nearest support, which is located at $1900 – $1910.

Silver

Silver tested new lows as traders focused on rising Treasury yields. Worries about the health of the Chinese economy continue to put pressure on silver markets.

Silver settled below the 200 MA and is moving towards the support at August lows at $22.25 – $22.50.

Platinum

Platinum has also found itself under material pressure amid a strong pullback in precious metals markets.

In case platinum stays below the $925 level, it will move towards the support at $880 – $890.

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