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Gold, Silver, Platinum Forecasts – Gold Dives As Trump Wins
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Key Points:
- Gold is trying to settle below the $2650 level.
- Silver declined below $31.50 as gold/silver ratio climbed above 85.50.
- Platinum is down by 1.5% amid broad sell-off in precious metals markets.
Gold
Gold is down by almost 3% in today’s trading session as traders react to Trump’s victory.
If gold manages to settle below the support at $2675 – $2685, it will move towards the next support level at $2580 – $2590.
Silver
Silver tests support at $31.45 – $31.75 as gold/silver ratio climbed above the 85.50 level.
A move below the $31.00 level will push silver towards the $30.00 level. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.
Platinum
Platinum made an attempt to settle below the support at $975 as traders focused on strong U.S. dollar and rising Treasury yields.
If platinum settles below $975, it will head towards the next support level, which is located in the $935 – $945 range.
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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