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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Multi-Week Highs
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Key Points:
- Gold faced strong resistance in the $2715 - $2725 range.
- Silver moved below the $30.50 level as gold/silver ratio climbed above 89.00.
- Platinum rallied as traders focused on strong economic data from China.
Gold
Gold pulls back as traders focus on stronger dollar and take some profits off the table near multi-week highs.
From the technical point of view, gold needs to settle above the resistance at $2715 – $2725 to gain additional upside momentum.
Silver
Silver pulled back below the $30.50 level as gold/silver ratio rallied above the 89.00 level.
If silver settles below the 50 MA at $30.43, it will head towards the support level at $28.75 – $29.00.
Platinum
Platinum rebounds as traders react to encouraging economic data from China. The country’s GDP Growth Rate, Retail Sales, and Industrial Production exceeded analyst expectations.
A move above the $960 level will push platinum towards the nearest resistance at $975 – $985.
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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