Gold, Silver, Platinum Forecasts – Gold Stays Range-Bound
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Key Insights
- Gold did not manage to settle below the support at $2015 – $2025.
- Silver rebounded as gold/silver ratio pulled back towards 90.
- Platinum moved higher as traders bet on a rebound after the recent sell-off.
Gold
Gold is losing some ground as Treasury yields rise after Initial Jobless Claims report.
The technical picture remains unchanged as gold did not manage to settle below the support at $2015 – $2025.
Silver
Silver rebounds as gold/silver ratio pulled back towards the 90 level. Gold/silver ratio remains close to multi-month highs, so silver has a good chance to gain additional upside momentum if gold/silver ratio moves towards the levels seen at the start of the year.
If silver settles back above $22.50, it will head towards the $23.00 level.
Platinum
Platinum rebounds after the recent sell-off. It should be noted that platinum and palladium prices are almost equal after the major sell-off in palladium markets.
From the technical point of view, platinum needs to climb back above the $890 level to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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