Advertisement
Advertisement

Gold, Silver, Platinum Forecasts – Gold Pulls Back From Multi-Month Highs

By:
Vladimir Zernov

Gold traders take some profits off the table as U.S. dollar rebounds from recent lows.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold declined towards the $2040 level. 
  • Silver gained ground as gold/silver ratio declined below the 81 level. 
  • Platinum pulled back amid demand worries. 

Gold

Gold
Gold 301123 Daily Chart

Gold pulls back as traders take some profits off the table amid rising Treasury yields. U.S. dollar’s rebound put additional pressure on gold markets.

The nearest support level for gold is located in the $2015 – $2025 range. A move below the $2015 level will open the way to the test of the next support at $1975 – $1985.

Silver

Silver
Silver 301123 Daily Chart

Silver tests resistance at $25.00 – $25.30 as gold/silver ratio pulled back below the 81 level.

If silver manages to settle above $25.30, it will head towards the next resistance, which is located in the $26.00 – $26.15 range.

Platinum

Platinum
Platinum 301123 Daily Chart

Platinum pulls back after an unsuccessful attempt to settle above the resistance at $925 – $935.

If platinum moves back below the $925 level, it will head towards the support at $880 – $890.

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.

Did you find this article useful?

Advertisement