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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Multi-Week Highs
By:
Key Points:
- Gold is trying to settle below the $3330 level.
- Silver declined below the $38.00 level as gold/silver ratio moved above 88.00.
- Platinum settled near the $1400 level.
Gold
Gold is losing ground as traders focus on U.S. dollar’s rally, which was triggered by U.S. inflation reports.
If gold settles below the 50 MA at $3324, it will move towards the support level at $3235 – $3245.
Silver
Silver is moving lower as gold/silver ratio climbed back above the 88.00 level. The nearest support level for silver is located in the $37.30 – $37.50 range.
A move below the $37.30 level will open the way to the test of the next support at $35.65 – $35.85.
Platinum
Platinum continues its attempts to settle below the support level at $1400 – $1405.
If platinum settles below the $1400 level, it will head towards the next support level at $1335 – $1340.
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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