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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Dollar Tests New Highs
By:
Key Points:
- Gold settled back below the $3350 level.
- Silver is trying to settle above the $38.00 level as gold/silver ratio declined towards 87.50.
- Platinum tests multi-year highs as rally continues.
Gold
Gold is losing ground as traders focus on stronger dollar. Donald Trump said it was “highly unlikely” that he would fire Powell, which was bearish for gold markets and bullish for the dollar.
In case gold declines below the $3300 level, it will head towards the support at $3235 – $3245.
Silver
Silver moved higher as gold/silver ratio pulled back towards the 87.50 level.
In case silver manages to settle above $38.00, it will head towards the recent highs near the $39.00 level.
Platinum
Platinum tested new highs as the strong rally continued. Traders focus on the deficit of the metal and supply risks.
A move above the resistance at $1495 – $1500 will push platinum towards the $1550 level.
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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