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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests Weekly Highs
By:
Key Points:
- Gold moved lower as traders focused on strong dollar.
- Silver pulled back amid profit-taking.
- Platinum declined amid lack of additional positive catalysts.
Gold
Gold is losing ground as traders focus on U.S. dollar’s rally. The American currency tested weekly highs after Donald Trump set 25% tariffs on Japan and South Korea.
The technical picture remains unchanged as gold is stuck below the resistance at $3350 – $3360.
Silver
Silver pulled back as traders rushed to take profits off the table near multi-year highs.
In case silver settles back below the $36.50 level, it will head towards the nearest support at $35.65 – $35.85.
Platinum
Platinum moved lower amid broad pullback in precious metals markets. At this point, platinum needs additional positive catalysts to test new highs.
A successful test of the support at $1335 – $1340 will push platinum towards the next support level at $1270 – $1275.
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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