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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Dives 3% Amid Falling Demand For Safe-Haven Assets
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Key Points:
- Gold declined towards the psychologically important $4000 level.
- Silver is down by 4% as gold/silver ratio moved above the 85.00 level.
- Platinum made an attempt to settle below the $1550 level.
Gold
Gold is under strong pressure as traders react to U.S. – China trade truce. Demand for safe-haven assets declined, which was bearish for gold.
In case gold settles below the support at $3990 – $4000, it will head towards the next support level, which is located in the $3890 – $3900 range.
Silver
Silver declined by more than 4% as gold/silver ratio climbed above the 85.00 level.
A successful test of the support at $47.00 – $47.20 will open the way to the test of the next support level at $44.30 – $44.50.
Platinum
Platinum is losing some ground amid broad pullback in precious metals markets.
In case platinum declines below the nearest support level at $1520 – $1530, it will head towards the next support at $1460 – $1470.
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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