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Gold, Silver, Platinum Forecasts – Gold Dives Amid Global Market Sell-Off
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Key Points:
- Gold declined towards the $3025 level.
- Silver is under huge pressure as China imposed tariffs on U.S. goods
- Platinum tests support at $895 - $900.
Gold
Gold retreats as global market sell-off continues. Traders sell almost everything, including gold.
Gold declined below the support at $3050 – $3060 and is moving towards the next support level at $2995 – $3005.
Silver
Silver suffered a strong sell-off as China imposed 34% tariffs on U.S. goods. Traders worry that trade war between the world’s biggest economies will hurt demand for silver.
A move below the $29.75 level opens the way to the test of the next support at $28.50 – $28.70.
Platinum
Platinum tests support at $895 – $900 amid global market sell-off. RSI is in the moderate territory, and there is enough room to gain downside momentum in the near term.
If platinum settles below $895, it will move towards the support level at $870 – $875.
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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