Advertisement
Advertisement
Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Treasury Yields Test Weekly Highs
By:
Key Points:
- Gold declined towards the $3330 level as traders focused on strong U.S. dollar.
- Silver climbed towards the $37.00 level as gold/silver ratio pulled back.
- Platinum suffered a strong sell-off as traders rushed to take profits near multi-year highs.
Gold
Gold is losing ground as U.S. dollar rebounds after the strong Non Farm Payrolls report.
In case gold settles back below the 50 MA at $3321, it will head towards the support level at $3235 – $3245.
Silver
Silver made an attempt to settle above the $37.00 level as gold/silver ratio pulled back below the 90.50 level.
If silver climbs above $37.00, it will get to the test of the resistance at $37.30 – $37.50.
Platinum
Platinum pulled back as traders focused on stronger dollar and rising Treasury yields.
The nearest support level for platinum is located in the $1335 – $1340 range. A move below the $1335 level will push platinum towards the support at $1270 – $1275.
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.
Advertisement