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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Dives 2.1% Amid Profit-Taking
By:
Key Points:
- Gold pulled back below the $4250 level as traders took profits near historic highs.
- Silver is down by 4.5% as gold/silver ratio climbed towards 82.00.
- Platinum declined towards the $1600 level.
Gold
Gold is under strong pressure as traders rush to take profits off the table after the strong rally.
In case gold settles below the support at $4170 – $4180, it will move towards the next support level at $3990 – $4000.
Silver
Silver suffered a strong sell-off as gold/silver ratio climbed towards the 82.00 level.
A move below the $51.00 level will open the way to the test of the support at $49.60 – $49.80.
Platinum
Platinum is down by 6.5% as traders react to the sell-offs in gold and silver markets.
A successful test of the support at $1620 – $1625 will push platinum towards the next support level at $1520 – $1530.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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