Gold, Silver, Platinum Forecasts – Dollar’s Dip Doesn’t Shine For Gold

Key Insights

• Gold grapples with the $1900 threshold; a dip could propel further momentum to $1860-$1870.
• Silver tussles with the $22.15-$22.35 support, lacking the thrust for a pronounced downturn.
• Platinum’s endeavors below $890 are fueled by China’s underwhelming economic indicators.

Gold

Gold is trying to settle below the $1900 level as the pullback continues. U.S. dollar is losing some ground against a broad basket of currencies, but dollar’s weakness did not provide support to gold markets.

In case gold settles below $1900, it will gain additional downside momentum and move towards the support in the $1860 – $1870 range.

Silver

Silver has recently made an attempt to settle below the support in the $22.15 – $22.35 range, but failed to develop sufficient downside momentum and rebounded towards the $22.60 level.

If silver settles below the $22.15 level, it will head towards the next support, which is located in the $21.50 – $21.70 range.

Platinum

Platinum continues its attempts to settle below the key support at $890 as traders react to the weak economic data from China.

A move below the $890 level will push platinum towards the support in the $850 – $860 area.

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