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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Dollar Tests Multi-Month Highs
By:
Key Points:
- Gold pulled back towards the $4050 level.
- Silver declined below $50.50 as gold/silver ratio climbed above the 80 level.
- Platinum moved towards the $1500 level.
Gold
Gold pulled back as traders reacted to Non Farm Payrolls report, which beat analyst estimates. Traders reduce bets on dovish Fed as labor market remained strong in September.
A move below the $4050 level will push gold towards the support level at $3990 – $4000.
Silver
Silver is under strong pressure as gold/silver ratio climbed back above the 80.00 level.
A successful test of the support at $49.60 – $49.80 will open the way to the test of the next support at $47.00 – $47.20.
Platinum
Platinum declined towards the $1500 level amid broad pullback in precious metals markets.
If platinum settles below $1500, it will head towards the next support at $1455 – $1465.
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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