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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Collapses 18% As Traders Rush For Exits
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Key Points:
- Gold pulled back towards the $5000 level amid profit-taking.
- Silver suffered a strong sell-off as margin calls triggered a wave of selling orders.
- Platinum pulled back below the $2200 level.
Gold
Gold is under strong pressure as traders rush to take profits near historic highs.
From the technical point of view, gold settled below the support at $5100 – $5110 and is moving towards the next support level at 4890 – 4900.
Silver
Silver suffered a major sell-off as gold/silver ratio climbed above the 52.00 level. Most likely, margin calls have served as an additional catalyst for the price action today.
If silver settles below the support at $95.00 – $96.00, it will head towards the next support level at $87.00 – $88.00.
Platinum
Platinum is down by roughly 15% amid broad sell-off in precious metals markets.
In case platinum settles below the $2150 level, it will head towards the support at $2040 – $2060.
If you’d like to know more about how to trade gold and silver, 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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