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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Markets Are Under Pressure
By:
Key Points:
- Gold failed to settle above the resistance at $4170 - $4180 and pulled back.
- Silver made an attempt to settle below the $50.00 level.
- Platinum tested support at $1520 - $1530.
Gold
Gold found itself under strong pressure as traders bet that Fed will not cut rates at the next meeting.
In case gold settles below the $4100 level, it will head towards the support at $3990 – $4000.
Silver
Silver pulled back as traders rushed to take profits off the table near historic highs.
A move below the $51.00 level will open the way to the test of the support at $49.60 – $49.80.
Platinum
Platinum moved towards the support at $1520 – $1530 as traders focused on pullbacks in gold and silver markets.
A successful test of the support at $1520 – $1530 will open the way to the test of the next support level, which is located in the $1620 – $1630 range.
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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