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Gold, Silver, Platinum Forecasts – Gold Is Under Pressure As Dollar Shows Strength
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Key Points:
- Gold markets pulled back as U.S. Dollar Index rebounded from multi-week lows.
- Silver made an attempt to settle below the $33.00 level amid broad pullback in commodity markets.
- Platinum declined towards the $1070 level amid profit-taking.
Gold
Gold pulled back as U.S. dollar rebounded from multi-week lows. Falling Treasury yields did not provide support to gold markets in today’s trading session.
If gold declines below the $3300 level, it will head towards the support level at $3235 – $3245.
Silver
Silver made an attempt to settle below the support at $33.00 – $33.20 but lost momentum and climbed back above the $33.20 level.
A move above the $33.50 level will push silver towards the nearest resistance at $34.40 – $34.60.
Platinum
Platinum is losing ground as traders take profits off the table after the strong rally.
From the technical point of view, platinum needs to settle below the support level at $1050 – $1060 to gain additional downside momentum.
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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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