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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Demand For Safe-Haven Assets Declines
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Platinum climbed towards the $920 level as the strong rebound continued.
Key Insights
- Gold is trying to settle below the $1975 level.
- Silver pulled back as gold/silver ratio climbed above the 84 level.
- Platinum rallied as traders bet on rising demand.
Gold
Gold pulls back as demand for safe-haven assets declines. At this point, gold needs additional catalysts to settle above the key $2000 level.
From the technical point of view, gold needs to settle above the resistance at $1975 – $1985 to have a chance to gain sustainable upside momentum.
Silver
Silver declined towards $23.50 as gold/silver ratio climbed above the 84 level.
If silver settles below $23.60, it will find itself in the previous trading range at $22.25 – $23.60.
Platinum
Platinum rallied towards the $920 level as traders bet on rising demand for the metal.
The nearest resistance level for platinum is located in the $925 – $935 range. A move above $935 will push platinum towards the next resistance at $990 – $1000.
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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