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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Dives 4% Amid Profit-Taking

By: 
Vladimir Zernov
Gold, Silver, Platinum Forecasts

Key Points:

  • Gold made an attempt to settle below the support at $4540 - $4550.
  • Silver suffered a sell-off as traders continued to take profits near historic highs.
  • Platinum continued its attempts to settle below the support at $2245 - $2265.

Gold

Gold
Gold 160126 Daily Chart

Gold pulls back as traders focus on rising Treasury yields and continue to take profits near historic highs.

A successful test of the support at $4540 – $4550 will push gold towards the next support level at $4370 – $4380.

Silver

Silver
Silver 160126 Daily Chart

Silver found itself under strong pressure after an unsuccessful attempt to settle above the resistance at $91.50 – $92.00.

In case silver settles below the $87.00 level, it will move towards the nearest support, which is located in the $83.50 – $84.00 range.

Platinum

Platinum
Platinum 160126 Daily Chart

Platinum declined by almost 5% amid broad pullback in precious metals markets.

A move below the $2245 level will open the way to the test of the next support level at $2050 – $2070.

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About the Author

Vladimir ZernovFutures Trading Expert

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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