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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Historic Highs As Dollar Rebounds
By:
Key Points:
- Gold made an attempt to settle below the $2560 level.
- Silver pulled back amid profit-taking.
- Platinum tested support at $975 - $985.
Gold
Gold moves away from historic highs as U.S. dollar rebounds from weekly lows after the release of U.S. Retail Sales data.
In case gold settles below the $2550 level, it will head towards the next support level at $2520 – $2530.
Silver
Silver is losing some ground as traders continue to take profits off the table after the strong rally.
If silver settles below the $30.50 level, it will move towards the $30.00 level. A move below $30.00 will push silver towards the support at $28.75 – $29.00.
Platinum
Platinum is under pressure amid broad pullback in precious metals markets.
A successful test of the support at $975 – $985 will open the way to the test of 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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