Gold, Silver, Platinum Forecasts – Precious Metals Retreat As China’s Exports Fall By 6.4% YoY

Key Insights

• Gold declined below the $1965 level amid a broad pullback in precious metals markets. 
• Silver moved towards $22.50 as traders reacted to China’s exports data. 
• Platinum pulled back towards the support at $890.

Gold

Gold is losing ground as traders focus on the broad pullback in precious metals markets.

In case gold stays below the $1975 level, it will have a good chance to get to the test of the next support at $1940 – $1950.

Silver

Silver pulls back as traders react to the disappointing economic data from China. The country’s exports declined by 6.4% year-over-year in October, indicating that the economy remained under material pressure.

If silver settles below the support at $22.25 – $22.50, it will head towards the next support level, which is located in the $20.70 – $21.00 range.

Platinum

Platinum is also losing ground as traders focus on the problems of China’s economy.

A move below the support at $880 – $890 will open the way to the test of the next support level at $850 – $860.

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