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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats Amid Falling Demand For Precious Metals
By:
Key Points:
- Gold pulled back below the $3350 level.
- Silver moved towards $38.00 as gold/silver ratio climbed above 87.00.
- Platinum tested the $1400 level amid broad pullback in precious metals markets.
Gold
Gold is losing ground as demand for safe-haven assets declines. Stronger U.S. dollar put additional pressure on gold markets.
If gold stays below the support at $3350 – $3360, it will head towards the next support level at $3275 – $3285.
Silver
Silver is under strong pressure as gold/silver ratio rebounded above the 87.00 level.
If silver declines below the $38.00 level, it will head towards the support at $37.30 – $37.50.
Platinum
Platinum continues its attempts to settle below the nearest support level at $1400 – $1405.
If platinum settles below the $1400 level, it will head towards the next support at $1345 – $1350.
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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