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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Dives 3% Amid Profit-Taking
By:
Key Points:
- Gold pulled back after an unsuccessful attempt to settle above the $5600 level.
- Silver found itself under strong pressure as traders took profits near historic highs.
- Platinum tested support at $2510 - $2530.
Gold
Gold suffered a sell-off after testing historic highs as traders rushed to take profits off the table.
In case gold declines below the support at $5100 – $5110, it will head towards the next support level at $4890 – $4900.
Silver
Silver made an attempt to settle above the $120.00 level but lost momentum and pulled back.
A move below the $110.00 level will push silver towards the support at $103.00 – $104.00.
Platinum
Platinum is down by more than 4% amid strong pullback in precious metals markets.
A successful test of the support at $2510 – $2530 will push platinum towards the next support level at $2245 – $2265.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
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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