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Gold, Silver, Platinum Forecasts – Gold Moves Lower Amid Profit-Taking
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Key Points:
- Gold pulls back as traders take profits after the recent rally.
- Silver settled back below $28.50 as gold/silver ratio rebounded towards 86.
- Platinum is trying to settle back below the $960 level.
Gold
Gold pulls back as traders take some profits off the table near historic highs. From a big picture point of view, traders continue to monitor the situation in the Middle East.
In case gold declines below the $2430 level, it will move towards the nearest support at $2390 – $2400.
Silver
Silver is losing ground as gold/silver ratio rebounded towards the 86 level. Silver remains volatile due to wild swings in gold/silver ratio.
A move below the $28.00 level will push silver towards the support at $27.20 – $27.50.
Platinum
Platinum retreats amid broad pullback in commodity markets. Falling palladium markets serve as an additional negative catalyst for platinum.
In case platinum settles back below the $960 level, it will head towards the nearest support at $935 – $940.
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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