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Gold, Silver, Platinum Forecasts – Gold Pulled Back As Dollar Tested Multi-Week Highs
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Key Points:
- Gold moved below the $2650 level as traders focused on strong U.S. dollar.
- Silver moved lower as gold/silver ratio climbed above the 85.00 level.
- Platinum moved above the $990 level.
Gold
Gold pulled back from session highs as U.S. dollar gained ground against a broad basket of currencies.
If gold settles back below the $2650 level, it will head towards the $2625 level. From the technical point of view, gold remains stuck below the key resistance at $2675 – $2685.
Silver
Silver pulled back as gold/silver ratio climbed above the 85.00 level. Strong dollar and rising Treasury yields put pressure on silver markets.
If silver settles below the $31.00 level, it will head towards the recent lows at $30.12.
Platinum
Platinum gained ground as traders bet that China’s stimulus measures may boost demand for the metal.
A move above the $1000 level will open the way to the test of the next 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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