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Gold, Silver, Platinum Forecasts – Gold Attempts To Settle Back Above $2400
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Key Points:
- Gold markets were under pressure as traders raised money during global market sell-off.
- Silver is down by more than 5% as gold/silver ratio climbed above the 88.50 level.
- Platinum is heading towards the psychologically important $900 level.
Gold
Gold rebounded from session lows as traders reacted to the better-than-expected ISM Services PMI report.
From a big picture point of view, it looks that traders sold gold to raise money during global market sell-off.
Silver
Silver is under strong pressure as gold/silver ratio rallied above the 88.50 level.
If silver stays below the support at $27.20, it will move towards the next support level at $25.20 – $25.60. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.
Platinum
Platinum is down by more than 5% amid recession worries. Unlike gold markets, platinum markets are not trying to rebound as traders fear that demand for platinum would decline in the upcoming months.
A move below the $900 level will push platinum towards the support at $880 – $890.
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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