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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Weekly Highs
By:
Key Points:
- Gold retreats amid profit-taking.
- Silver settled below the resistance at $44.25 - $44.50.
- Platinum tested the psychologically important $1500 level.
Gold
Gold pulls back as traders focus on stronger U.S. dollar and Powell’s hawkish remarks.
From a big picture point of view, traders used Powell’s comments as an excuse to take some profits off the table after the strong rally.
Silver
Silver is losing some ground as Treasury yields move higher and U.S. dollar tests weekly highs.
From the technical point of view, silver needs to settle above the resistance at $44.25 – $44.50 to gain additional upside momentum in the near term.
Platinum
Platinum made an attempt to settle above the $1500 level but lost momentum and pulled back.
If platinum settles back below $1475, it will head towards the nearest support at $1450 – $1455.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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