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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Dives 5.6% Amid Sell-Off In Precious Metals Markets
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Key Points:
- Gold retreats amid profit-taking.
- Silver is down by 7.5% as traders react to the sell-off in gold markets.
- Platinum pulled back towards the $1500 level.
Gold
Gold is under strong pressure as traders rush to take profits off the table after the strong rally.
in case gold stays below the support at $4170 – $4180, it will move towards the next support level, which is located in the $3990 – $4000 range.
Silver
Silver is down by as much as 7.5% as gold/silver ratio climbed towards the 85.00 level.
From the technical point of view, silver settled below the support at $49.60 – $49.80 and is heading towards the next support level at $47.00 – $47.20.
Platinum
Platinum tests multi-week lows amid broad sell-off in precious metals markets, which is driven by profit-taking.
A successful test of the support at $1520 – $1530 will open the way to the test of the next support level at $1450 – $1460.
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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