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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Weekly Highs
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Key Points:
- Gold pulled back towards the $2650 level as dollar moved higher.
- Silver gained ground as gold/silver ratio dropped below 84.
- Platinum moved above the psychologically important $1000 level.
Gold
Gold moved away from historic highs as traders focused on strong U.S. dollar, which gained ground after the release of ADP Employment Change report.
If gold settles back below the $2650 level, it may gain additional downside momentum and move towards the support at $2580 – $2590.
Silver
Silver continues its attempts to settle above the resistance at $31.45 – $31.75 as gold/silver ratio pulled back below the 84 level.
The technical picture remains unchanged, and silver needs to settle above $31.75 to gain sustainable upside momentum.
Platinum
Platinum managed to climb above the $1000 level as traders ignored stronger dollar and rising Treasury yields.
A move above $1000 opens the way to the test of the nearest resistance level at $1020 – $1030.
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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