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Gold, Silver, Platinum Forecasts – Gold Dives After Testing Record Highs

By:
Vladimir Zernov

Gold rallied above the $2100 level but lost momentum and pulled back towards $2030.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold suffered a strong sell-off after an unsuccessful attempt to settle above the $2100 level. 
  • Silver declined by more than 3% as gold/silver ratio rebounded towards 82.50.
  • Platinum pulled back below the $925 level. 

Gold

Gold
Gold 041223 Daily Chart

Gold pulled back below the $2030 level after testing historic highs. The wild move was likely driven by profit-taking as some traders used the rally as an opportunity to sell gold at record levels.

In case gold settles below the support at $2015 – $2025, it will head towards the next support level at $1975 – $1985.

Silver

Silver
Silver 041223 Daily Chart

Silver pulled back towards the $24.50 level as traders focused on the sell-off in the gold markets. Gold/silver ratio moved above 82.50, putting additional pressure on silver.

If silver settles below $24.50, it will head towards the nearest support, which is located in the $23.40 – $23.60 range.

Platinum

Platinum
Platinum 041223 Daily Chart

Platinum pulled back towards $920 amid a broad sell-off in precious metals markets.

If platinum stays below the $925 level, it will gain additional downside momentum and move towards the support at $880 – $890.

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

About the Author

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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