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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Treasury Yields Pull Back
By: Vladimir Zernov
Published: Feb 23, 2024, 17:08 EST
Key Points:
- Gold is trying to settle above the $2040 level.
- Silver rebounded towards $23.00 after an unsuccessful attempt to settle below $22.50.
- Platinum gained some ground amid rising demand for precious metals.
In this article:
- Gold +0.52%
- Silver +0.86%
- Platinum -0.11%
Gold
Gold gains ground as traders focus on the pullback in Treasury yields. Falling Treasury yields serve as a bullish catalyst for precious metals that pay no interest.
In case gold manages to stay above the $2025 level, it will move towards the nearest resistance at $2065 – $2075.
Silver
Silver rebounded towards the $23.00 level as gold/silver ratio pulled back below the 89 level after an unsuccessful attempt to settle above 89.50.
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A move above the $23.00 level will push silver towards the resistance at $23.40 – $23.60.
Platinum
Platinum settled back above the $900 level amid a broad rally in precious metals markets.
From the technical point of view, platinum is moving towards the resistance at $925 – $935.
For a look at all of today’s economic events, check out our economic calendar.
Source: FX Empire
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