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Gold, Silver, Platinum Forecasts – Gold Pulls Back After Testing New Highs

April 1, 2024

NEW YORK (April 1) Gold pulled back from historic highs as U.S. dollar gained ground after the release of the better-than-expected ISM Manufacturing PMI report. It should be noted that demand for gold stays strong despite rising Treasury yields, which is a bullish sign.

In case gold manages to settle above the recent highs, it will move towards the $2300 level. On the support side, a move below the $2200 level may trigger a wave of profit-taking.

Silver is mosly flat as gold/silver ratio settled near the 89.50 level. High gold/silver ratio remains a significant bearish catalyst for silver.

From the technical point of view, silver has recently received strong support in the $24.40 – $24.60 area and may try to get to the test of the resistance at $25.75 – $26.00.

Platinum is losing ground as traders focus on rising Treasury yields and strong dollar.

The technical picture has not changed as platinum remains range-bound above the key support at $880 – $890.


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