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Gold, Silver, Platinum Forecasts – Gold Drops 1.2% On Profit-Taking
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Key Points:
- Gold pulled back below the $2720 level after an unsuccessful attempt to settle above $2750.
- Silver is down by 3.7% as gold/silver ratio moved back above the 80 level.
- Platinum did not manage to settle above the resistance at $1020 - $1030.
Gold
Gold pulls back as traders take profits off the table near historic highs. Strong dollar and rising Treasury yields may have put additional pressure on gold markets, although profit-taking was the key driver for the pullback.
In case gold declines below the $2710 level, it will move towards the nearest support at $2675 – $2685.
Silver
Silver declined below the $34.00 level as gold/silver ratio jumped above the 80 level.
If silver moves back below the $33.00 level, it will head towards the nearest support level, which is located in the $31.45 – $31.75 range.
Platinum
Platinum is losing ground amid strong pullback in precious metals markets.
From the technical point of view, platinum failed to settle above the resistance at $1020 – $1030.
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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