Advertisement
Advertisement
Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats From Historic Highs Amid Profit-Taking
By:
Key Points:
- Gold pulled back as traders took some profits off the table near historic highs.
- Silver declined below the $41.00 level.
- Platinum suffered a strong sell-off.
Gold
Gold moved away from historic highs as traders took some profits off the table after the strong rally.
RSI remains in the overbought territory, so the risks of a material pullback are increasing.
Silver
Silver pulled back as gold/silver ratio climbed above the 87.00 level, which served as a negative catalyst for silver markets.
A move below the $40.50 level will open the way to the test of the support at $39.80 – $40.00.
Platinum
Platinum is under strong pressure amid broad pullback in precious metals markets.
In case platinum settles below the 50 MA at $1376, it will move towards the support level 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.
Advertisement