Gold, Silver, Platinum Forecasts – Strong Dollar Triggers A Sell-Off

Key Insights

• Gold pulled back towards the $2030 level as U.S. dollar rallied against a broad basket of currencies. 
• Silver dived 3% as gold/silver ratio tested new highs. 
• Platinum pulled back towards the $975 level. 

Gold

Gold retreats as U.S. dollar tests new highs after hawkish comments from Fed’s Barkin.

Gold is moving towards the nearest support at $2015 – $2025. In case gold settles below the $2015 level, it will head towards the next support at $1970 – $1980.

Silver

Silver is down by 3% as gold/silver ratio tests multi-month highs. Demand for silver remains weak at the start of the year.

From the technical point of view, silver declined below the support at $23.40 – $23.60 and is moving towards the next support level at $22.25 – $22.50.

Platinum

Platinum is losing ground amid a broad pullback in precious metals markets. Stronger dollar and rising Treasury yields serve as bearish catalysts for platinum.

In case platinum settles below the $975 level, it will continue to move towards the nearest material support at $925 – $935.

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