Gold, Silver, Platinum Forecasts – Gold Dives 1.5% Amid Strong Pullback In Commodity Markets

Gold

Gold retreats as traders rush to take profits off the table amid broad sell-off in commodity markets.

The nearest support level for gold is located in the $2870 – $2880 range. If gold declines below the $2870 level, it will head towards the next support level at $2780 – $2790.

Silver

Silver tests support at $31.45 – $31.75 as gold/silver ratio moved above the 92 level.

In case silver settles below $31.45, it will head towards the 50 MA at $30.84. A move below the 50 MA will open the way to the test of the support at $29.75 – $30.00.

Platinum

Platinum tested new lows as the strong pullback continued. U.S dollar’s pullback and falling Treasury yields did not provide any support to platinum markets.

If platinum settles below the $960 level, it will head towards the support level at $935 – $940.

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