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Gold, Silver, Platinum Forecasts – Gold Dives Below $2000

By:
Vladimir Zernov

Stronger dollar put additional pressure on precious metals markets.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold settled below the psychologically important $2000 level. 
  • Silver moved below the $23.00 level. 
  • Platinum pulled back towards $915 after an unsuccessful attempt to settle above the $925 level. 

Gold

Gold
Gold 111223 Daily Chart

Gold retreats as U.S. dollar tests weekly highs. Treasury yields continue to rebound from multi-week lows, which is bearish for gold markets.

In case gold settles below the support at $1975 – $1985, it will head towards the next support level at $1935 – $1945.

Silver

Silver
Silver 111223 Daily Chart

Silver remains under strong pressure amid a broad sell-off in precious metals markets.

The nearest support level for silver is located in the $22.25 – $22.50 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

Platinum

Platinum
Platinum 111223 Daily Chart

Platinum made an attempt to settle above the $925 level but lost momentum and pulled back.

In case platinum moves below the 50 MA at $901, it will head towards the support level 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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