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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulled Back Below $3400
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Key Points:
- Gold pulled back from multi-week highs.
- Silver gained ground as gold/silver ratio moved towards the 93.00 level.
- Platinum rebounded as traders bought the dip.
Gold
Gold pulled back as demand for safe-haven assets decreased despite tensions in the Middle East.
If gold declines below the support at $3350 – $3360, it will move towards the next support level at $3235 – $3245.
Silver
Silver managed to gain some ground as gold/silver ratio pulled back towards the 93.00 level.
A move above the $36.50 level will open the way to the test of the resistance at $37.30 – $37.50.
Platinum
Platinum rebounded as traders used the strong pullback as an opportunity to increase their long positions.
If platinum climbs back above the $1250 level, it will head towards the nearest resistance, which is located in the $1275 – $1280 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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