Gold, Silver, Platinum Forecasts – Gold Attempts To Settle Back Above $2400

Gold

Gold rebounded from session lows as traders reacted to the better-than-expected ISM Services PMI report.

From a big picture point of view, it looks that traders sold gold to raise money during global market sell-off.

Silver

Silver is under strong pressure as gold/silver ratio rallied above the 88.50 level.

If silver stays below the support at $27.20, it will move towards the next support level at $25.20 – $25.60. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

Platinum

Platinum is down by more than 5% amid recession worries. Unlike gold markets, platinum markets are not trying to rebound as traders fear that demand for platinum would decline in the upcoming months.

A move below the $900 level will push platinum towards the support at $880 – $890.

For a look at all of today’s economic events, check out our economic calendar.