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Gold, Silver, Platinum Forecasts – Gold Settled Near $1920 Amid Rising Demand For Safe-Haven Assets

By:
Vladimir Zernov
Published: Sep 7, 2023, 18:03 GMT+00:00

Silver and platinum remained under pressure amid worries about the slowdown of the Chinese economy.

Gold, Silver, Platinum Forecasts

In this article:

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
Gold 070923 Daily Chart

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
Silver 070923 Daily Chart

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
Platinum 070923 Daily Chart

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.

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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