Gold, Silver, Platinum Forecasts – XAU/USD Declines As Dollar Moves Towards Multi-Week Highs

Key Insights

• Should gold breach the $1935 support level, it’s primed for an accelerated descent towards a $1900 – $1910 support zone.
• The resilient U.S. dollar and ascending Treasury yields have catalyzed a downturn in silver prices.
• Platinum’s downward trajectory follows a broader trend, as traders cash in gains from its recent rebound.

Gold

Gold pulled back towards the $1940 level as traders reacted to the U.S. Unemployment Rate report, which showed that Unemployment Rate increased from 62.6% to 62.8%.

In case gold settles back below the $1935 level, it will gain additional downside momentum and head towards the support in the $1900 – $1910 range.

Silver

Silver has also moved lower as traders focused on the rebound of the U.S. dollar and rising Treasury yields.

In case silver settles below the support at $24.25 – $24.50, it will head towards the 50 MA at $23.70.

Platinum

Platinum moved lower amid a broad pullback in precious metals markets. Traders continue to take profits off the table after the recent rebound.

Platinum has already managed to settle below the $975 level and is moving towards the support at $925 – $935.

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