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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulled Back Below $3300
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Key Points:
- Gold is losing ground amid broad pullback in commodity markets.
- Silver moved below the $33.00 level as gold/silver ratio climbed above 100.
- Platinum tested weekly lows amid demand worries.
Gold
Gold declined amid broad pullback in the markets, which was triggered by Trump’s comments on China. U.S. President said that China “totally violated” the tariff deal.
If gold stays below the $3300 level, it will move towards the support level at $3235 – $3245.
Silver
Silver moved below the $33.00 level as gold/silver ratio climbed back above the psychologically important 100 level.
A move below the 50 MA at $32.70 will push silver towards the next support level at $31.45 – $31.75.
Platinum
Platinum is losing ground as traders worry that U.S. – China trade war will intensify.
A successful test of the support at $1050 – $1055 will push platinum towards the next support level at $1010 – $1015.
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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