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Gold, Silver, Platinum Forecasts – Gold Retreats As Dollar Tests Multi-Week Highs
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Key Points:
- Gold pulled back towards the $2160 level.
- Silver made an attempt to settle below the support at $24.40 - $24.60.
- Platinum is heading towards the strong support level at $880 - $890.
Gold
Gold continues to move away from historic highs as U.S. dollar gains ground against a broad basket of currencies.
The nearest support level for gold is located in the $2140 – $2150 range. If gold declines below this level, it will head towards the next support at $2065 – $2075.
Silver
Silver is mostly flat as gold/silver ratio pulled back towards the 87.50 level.
If silver stays above the support at $24.40 – $24.60, it will move towards the $25.00 level.
Platinum
Platinum is losing ground amid a broad pullback in precious metals markets.
The nearest support level at $880 – $890 has been tested many times and proved its strength, so platinum will need strong catalysts to settle below $880.
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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