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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Lower As Traders Focus On Strong Dollar
By:
Key Points:
- Gold failed to settle above the resistance at $3350 - $3360.
- Silver is trying to settle above the $38.00 level as gold/silver ratio falls.
- Platinum tests the strong resistance at $1345 - $1350.
Gold
Gold pulls back as U.S. dollar gains ground after strong PMI reports. Traders reduce bets on dovish Fed, which is bearish for gold.
The technical picture remains unchanged as gold failed to settle above the resistance at $3350 – $3360.
Silver
Silver attempts to settle above the $38.00 level as gold/silver ratio pulled back towards 87.50.
If silver stays above $38.00, it will move towards the $38.75 level. A move above this level will open the way to the test of the resistance at $39.80 – $40.00.
Platinum
Platinum is trying to settle above the strong resistance level, which is located in the $1345 – $1350 range.
In case this attempt is successful, platinum will head towards the next resistance at $1400 – $1405.
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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