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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Traders Take Some Profits Off The Table
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Key Points:
- Gold failed to settle above the $3150 level.
- Silver declined towards the $33.50 level as gold/silver ratio tested new highs.
- Platinum pulled back below the $1000 level.
Gold
Gold faced resistance near the $3150 level and pulled back as traders took some profits off the table near historic highs.
If gold settles below the $3100 level, it will move towards the nearest support level at $3050 – $3060.
Silver
Silver is under pressure as gold/silver ratio climbed above the 92.50 level. Rising gold/silver ratio remains a key problem for silver bulls.
A move below the $33.50 level will push silver towards the nearest support at $32.75 – $33.00.
Platinum
Platinum is losing ground amid broad pullback in precious metals markets.
A successful test of the support at $980 – $985 will open the way to the test of the next support level at $930 – $935.
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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