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Gold, Silver, Platinum Forecasts – Gold Remains Under Pressure Amid Profit-Taking
By:
Key Points:
- Gold is trying to settle below the $2730 level.
- Silver pulled back as gold/silver ratio tested new highs.
- Platinum continues its attempts to settle below the support at $975 - $985.
Gold
Gold is losing ground as traders continue to take profits near historic highs.
RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.
Silver
Silver tests new lows as gold/silver ratio climbed above the 84.00 level and continues to move higher.
A move below $32.50 opens the way to the test of the support level at $31.45 – $31.75.
Platinum
Platinum remains stuck near the support level at $975 – $985 as traders focus on the pullback in precious metals markets.
If platinum manages to climb back above the $1000 level, it will head towards the nearest resistance 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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