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Gold, Silver, Platinum Forecasts – Gold Dives 1.5% As Dollar Tests New Highs
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Key Points:
- Gold pulled back below the $2330 level.
- Silver is down by 3.6% as gold/silver ratio rebounded towards 78.50.
- Platinum made an attempt to settle above the $1000 level.
Gold
Gold pulls back as traders react to the stronger-than-expected U.S. PMI reports. U.S. dollar tests multi-week highs, which is bearish for gold markets.
From the technical point of view, gold receives strong support in the $2295 – $2305 range, so it remains to be seen whether it manages to gain additional downside momentum.
Silver
Silver is under strong pressure as gold/silver ratio rebounds towards the 78.50 level.
RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum. Traders should note that gold/silver ratio dynamics remain the key driver for silver markets.
Platinum
Platinum tests new highs as the rebound continues. Palladium markets are also moving higher, which is bullish for platinum.
In case platinum manages to climb above the $1000 level, it will head towards the resistance at $1010 – $1020.
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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