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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Demand For Safe-Haven Assets Declines

By:
Vladimir Zernov
Published: Nov 20, 2023, 17:39 GMT+00:00

Platinum climbed towards the $920 level as the strong rebound continued.

Gold, Silver, Platinum Forecasts

In this article:

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
Gold 201123 Daily Chart

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
Silver 201123 Daily Chart

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
Platinum 201123 Daily Chart

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 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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