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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On U.S. Inflation Risks
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Key Points:
- Gold moved lower as dollar rallied after the release of U.S. PPI report.
- Silver pulled back towards the $38.00 level.
- Platinum remained stuck near key resistance level.
Gold
Gold is losing ground as traders focus on rising Treasury yields, which moved higher after U.S. PPI exceeded analyst estimates.
If gold stays below the $3350 level, it will move towards the next support level at $3275 – $3285.
Silver
Silver retreats as traders react to U.S. producer prices data. Gold/silver ratio climbed towards the 88.00 level, putting additional pressure on silver.
A move below the support at $37.30 – $37.50 will push silver towards the next support at $35.60 – $35.85.
Platinum
Platinum tests resistance at $1345 – $1350. This resistance level has been tested many times and proved its strength.
If platinum settles above the $1350 level, it will head towards the resistance at $1400 – $1405.
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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