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Gold, Silver, Platinum Forecasts – Gold Dives 2.5% On Profit-Taking
By:
Key Points:
- Gold declined towards the $2330 level as Middle East tensions eased.
- Silver found itself under strong pressure as gold/silver ratio settled back above 85.50.
- Platinum pulled back below the $920 level.
In this article:
Gold
Gold is under strong pressure as traders take profits amid easing tensions in the Middle East. It looks that Iran and Israel have no intention to continue strikes against each other, which is bearish for gold markets.
The nearest support level for gold is located in the $2295 – $2305 range. A move below $2295 will push gold towards the $2200 level.
Silver
Silver suffered a strong sell-off as gold/silver ratio rallied above the 85.50 level.
In case silver declines below the $27.00 level, it will head towards the support in the $26.00 – $26.30 range.
Platinum
Platinum tested new lows amid a broad pullback in precious metals markets.
If platinum settles below the 50 MA at $917, it will head towards the next support level at $870 – $880.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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