Gold, Silver, Platinum Forecasts – Gold Slides Amid A Broad Pullback In Precious Metals Markets

Key Insights

• Gold pulled back towards the $2020 level. 
• Silver is down by more than 1.5% as gold/silver ratio rebounded above 83.50.
• Platinum is trying to settle below the psychologically important $900 level. 

Gold

Gold is losing ground as traders continue to take profits above the $2000 level. The failed attempt to settle above $2100 served as a bearish catalyst for gold as it triggered a wave of profit-taking.

If gold settles below the support at $2015 – $2025, it will move towards the next support level at $1975 – $1985.

Silver

Silver pulled back towards the $24.00 level as gold/silver ratio moved above the 83.50 level.

In case silver settles below $24.00, it will head towards the nearest support at $23.40 – $23.60.

Platinum

Platinum declined towards $900 as traders focused on the strong sell-off in palladium markets, which are down by more than 4% in today’s trading session.

A move below the $900 level will push platinum towards the support at $880 – $890.

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