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Gold, Silver, Platinum Forecasts – Gold Falls More Than 1% On Profit-Taking
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Key Points:
- Gold moved below the $2340 level as traders took profits after the recent rebound.
- Silver gained ground as gold/silver ratio pulled back.
- Platinum tested resistance at $1010 - $1020.
Gold
Gold pulls back as traders take profits after the recent rebound. Falling Treasury yields did not provide support to gold markets.
If gold settles below the $2330 level, it will head towards the nearest support, which is located in the $2295 – $2305 range.
Silver
Silver gained ground as gold/silver ratio pulled back below the 83 level.
If silver manages to stay above the $28.00 level, it will get to the test of the nearest resistance at $28.75 – $29.00.
Platinum
Platinum tests new highs as the rally continues. Traders bet that China’s economy will gain steam and demand for platinum will increase.
The nearest resistance level for platinum is located in the $1010 – $1020 range. A move above $1020 will open the way to the test of the next resistance at $1070 – $1080.
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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