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Gold, Silver, Platinum Forecasts – Gold Dives Below $2400 On Profit-Taking
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Key Points:
- Gold moved below the $2400 level as traders took profits near historic highs.
- Silver pulled back towards $31.00 as gold/silver ratio rebounded to 76.50.
- Platinum pulled back towards the $1040 level.
Gold
Gold is under pressure as traders take profits off the table near historic highs.
In case gold settles below the support at $2390 – $2400, it will head towards the next support level, which is located in the $2295 – $2305 range.
Silver
Silver pulls back as gold/silver ratio rebounded towards the 76.50 level. The potential rebound of gold/silver ratio towards the low end of the previous range at 78.50 is the key risk for silver bulls.
If silver moves below the support at $30.90 – $31.20, it will head towards the next support level at $28.75 – $29.00.
Platinum
Platinum is losing ground amid a broad sell-off in precious metals markets.
If platinum declines below the recent lows at $1030, it will head towards the nearest support 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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