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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Attempts To Rebound After Strong Sell-Off
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Key Points:
- Gold pulled back towards $4600 amid profit-taking.
- Silver moved away from session lows and climbed above the $91.00 level.
- Platinum climbed back towards the $2350 level.
Gold
Gold moved lower as traders decided to take some profits off the table near historic highs. U.S. dollar tested multi-week highs after strong jobs data, putting additonal pressure on gold markets.
From the technical point of view, gold needs to settle above the resistance level at $4640 – $4650 to gain additional upside momentum in the near term.
Silver
Silver suffered a strong sell-off and made an attempt to settle below the $87.00 level. However, traders used the pullback as an opportunity to increase their long positions and pushed silver back above the $91.00 level.
If silver stays above $91.00, it will move towards the nearest resistance at $91.50 – $92.00.
Platinum
Platinum has also managed to rebound from session lows as traders bought the dip.
A move above the $2350 level will push platinum towards recent highs near the $2425 level.
If you’d like to know more about how commodity markets work, please visit our educational area.
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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