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Gold, Silver, Platinum Forecasts – Gold Retreasts As Dollar Tests New Highs

By:
Vladimir Zernov
Published: Jan 17, 2024, 17:38 UTC

Precious metals are moving lower as traders react to U.S. Retail Sales data.

Gold

In this article:

Key Insights

  • Gold is trying to settle below the $2000 level as traders reduce bets on a dovish Fed. 
  • Silver tests support at $22.25 – $22.50 as traders focus on stronger dollar and rising Treasury yields. 
  • Platinum pulled back below the $880 level. 

Gold

Gold
Gold 170124 Daily Chart

Gold is losing ground as traders focus on the better-than-expected Retail Sales data from the U.S. Fed may be less dovish than previously expected as U.S. economy remains in a decent shape.

A move below the $2000 level will push gold towards the next support at $1970 – $1980.

Silver

Silver
Silver 170124 Daily Chart

Silver tests support at $22.25 – $22.50 as gold/silver ratio moved back towards the 89.00 level.

A successful test of the support at $22.25 – $22.50 will open the way to the test of the next support level at $21.50 – $21.70.

Platinum

Platinum
Platinum 170124 Daily Chart

Platinum is losing ground amid a broad sell-off in precious metals markets. The disappointing economic data from China put additional pressure on platinum markets.

If platinum settles below the $880 level, it will move towards the next support at $840 – $850.

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.

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