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Gold, Silver, Platinum Forecasts – Gold Moves Lower As U.S. Plans To Impose 104% Tariffs On China
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Key Points:
- Gold declined below the $2975 level as traders focused on tariff news.
- Silver moved lower as gold/silver ratio climbed back towards the 100 level.
- Platinum pulled back amid demand worries.
Gold
Gold is losing ground as traders react to tariff news. The U.S. plans to proceed with 104% tariffs on China.
In case gold stays below the $2995 level, it will move towards the next support level, which is located in the $2940 – $2950 range.
Silver
Silver is losing ground as gold/silver ratio is trying to settle back above the psychologically important 100 level.
If silver declines below the $29.75 level, it will move towards the support level at $28.50 – $28.70.
Platinum
Platinum is moving lower as traders worry about the strength of demand for the metal amid trade wars.
A move below the $895 level opens the way to the test of the support, which is located near recent lows at $870 – $875.
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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