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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Demand For Precious Metals Falls
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Key Points:
- Gold pulled back towards the $3320 level as traders ignored falling Treasury yields.
- Silver declined towards the $37.30 level as gold/silver ratio moved towards 89.00.
- Platinum tested support at $1300 - $1305.
Gold
Gold is losing ground despite falling Treasury yields. Currently, gold is trying to settle below the $3320 level.
In case gold settles below $3320, it will head towards the support at $3275 – $3285.
Silver
Silver tests support at $37.30 – $37.50 as gold/silver ratio climbed towards the 89.00 level.
A move below the $37.30 level will open the way to the test of the next support level at $35.60 – $35.85.
Platinum
Platinum is under pressure amid broad pullback in precious metals markets.
A successful test of the support at $1300 – $1305 will push platinum towards the next support level, which is located in the $1235 – $1240 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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