(Kitco News) – Falling Treasury yields are helping to propel gold towards the $2750 level, while silver prices approach $31 per ounce and platinum nears a weekly high amid a broad precious metals rally, according to Vladimir Zernov, market analyst at FX Empire.
Zernov noted that gold is testing multi-week highs in a strong demand environment, with declining Treasury yields providing additional support.
“If gold manages to settle above the $2750 level, it will move towards the resistance at $2780 – $2790,” he said.
Turning to silver, Zernov noted that silver prices are attempting to piggyback on the yellow metal’s strong performance.
“Gold/silver ratio climbed above the 89 level, which was a disappointing development for silver bulls,” he said. “If silver climbs above $31.00, it will move towards the nearest resistance at $31.45 – $31.75.”
And platinum group metals are also benefiting from the strong precious metals market, with the platinum price approaching its one-week high as the rebound in PGMs continues.
“Palladium is up by almost 2% in today’s trading session, which is bullish for platinum,” Zernov said.
“A move above the $960 level will push platinum towards the resistance, which is located at the recent highs at $975 – $985,” he wrote.
