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Gold (XAUUSD), Silver, Platinum Forecasts – Precious Metals Pull Back Amid Profit-Taking
By:
Key Points:
- Gold failed to settle above the $4500 level.
- Silver pulled back below the psychologically important $80.00 level.
- Platinum tested support at $2245 - $2265.
Gold
Gold made an attempt to settle above the $4500 level but lost momentum and pulled back.
If gold settles below the $4450 level, it will head towards the support level at $4370 – $4380.
Silver
Silver pulled back as gold/silver ratio climbed back above the 56.50 level. Traders take some profits off the table near historic highs.
A successful test of the support at $77.50 – $78.00 will push silver towards the next support level at $70.20 – $70.80.
Platinum
Platinum retreats amid profit-taking. Currently, platinum is trying to settle below the support at $2245 – $2265.
In case this attempt is successful, platinum will head towards the next support level, which is located in the $2050 – $2070 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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