Gold, Silver, Platinum Forecasts – Gold Retreats As Traders React To Non Farm Payrolls Data

Key Insights

• Gold moved below the $2015 level and made an attempt to settle below the key $2000 level. 
• Silver is under strong pressure as gold/silver ratio continues to rebound. 
• Platinum gains ground as bulls hope that China’s demand for the metal would grow. 

Gold

Gold pulls back as traders react to U.S. dollar’s rebound, which was triggered by the better-than-expected Non Farm Payrolls report.

In case gold stays below the support at $2015 – $2025, it will move towards the next support level, which is located in the $1975 – $1985 range.

Silver

Silver is trying to settle below the support at $23.40 – $23.60 as gold/silver ratio moved towards the 86.00 level. Rising Treasury yields put additional pressure on silver.

A successful test of the support at $23.40 – $23.60 will open the way to the test of the next support level at $22.25 – $22.50.

Platinum

Platinum gains some ground as bulls hope that China’s economy will show better results in the next year due to support from the government.

From the technical point of view, platinum has settled between the support at $880 and the resistance at $935.

For a look at all of today’s economic events, check out our economic calendar.