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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Multi-Week Highs
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Key Points:
- Gold is trying to settle below $2650 as traders react to the better-than-expected Non Farm Payrolls report.
- Silver made an attempt to settle above $33.00 as gold/silver ratio tested multi-week lows.
- Platinum pulled back towards the support at $975 - $985.
Gold
Gold pulled back as U.S. dollar rallied after the release of the better-than-expected Non Farm Payrolls report.
In case gold declines below the recent lows at $2625, it will head towards the nearest material support level at $2580 – $2590.
Silver
Silver tested yearly highs as gold/silver ratio declined below the 81.50 level before moving back above 82.00.
A move above $32.50 will push silver towards the next resistance level at $34.00 – $34.25.
Platinum
Platinum is losing ground as traders focus on strong U.S. dollar and the rally in Treasury yields.
A successful test of the nearest support at $975 – $985 will push platinum towards the next support level at $935 – $940.
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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