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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back From Historic Highs
By:
Key Points:
- Gold declined below the $3850 level amid profit-taking.
- Silver pulled back towards $46.50.
- Platinum moved lower amid falling demand for precious metals.
Gold
Gold pulls back as traders focus on U.S. dollar’s rebound and take profits near historic highs.
In case gold stays below the $3850 level, it will head towards the nearest support level, which is located in the $3780 – $3790 range.
Silver
Silver pulled back towards the $46.50 level as gold/silver ratio climbed above the 82.50 level.
A move below the $45.50 level will open the way to the test of the support at $44.25 – $44.50.
Platinum
Platinum remained under pressure amid broad pullback in precious metals markets.
If platinum settles below the $1550 level, it will move towards the nearest support level, which is located in the $1500 – $1505 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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