Gold, Silver, Platinum Forecasts – Gold Settled Near $1920 Amid Rising Demand For Safe-Haven Assets
Key Insights
- Gold markets received some support as Treasury yields moved lower.
- Silver declined below the $23.00 level as the pullback continued.
- Platinum made an attempt to settle below the $900 level.
Gold
Gold stabilized near the $1920 level despite stronger dollar. It looks that rising demand for safe-haven assets provided some support to gold markets.
In case gold settles back above $1920, it will head towards the nearest resistance level at $1935 – $1940.
Silver
Silver remains under pressure amid worries about the situation in the Chinese economy.
If silver stays below the $23.00 level, it will move towards the support at $22.25 – $22.50.
Platinum
Platinum has also moved lower as traders fear that China’s demand for the metal would decline.
A move below the $900 level will push platinum towards the support at $880 – $890. RSI remains in the moderate territory, so platinum has enough room to gain additional downside momentum.
For a look at all of today’s economic events, check out our economic calendar.
