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Gold, Silver, Platinum Forecasts – Gold Pulled Back Below $2650
By:
Key Points:
- Gold is under pressure amid profit-taking.
- Silver declined below the $31.50 level as gold/silver ratio moved above 84.50.
- Platinum is down by more than 2% amid pullback in precious metals markets.
In this article:
Gold
Gold pulls back as traders continue to take profits after the strong rally. U.S. dollar’s rebound put additional pressure on gold markets today.
In case gold declines below the $2620 level, it will head towards the nearest support at $2580 – $2590.
Silver
Silver is losing ground as gold/silver ratio climbed towards the 84.50 level.
From the technical point of view, silver did not manage to settle above the resistance at $31.45 – $31.75.
Platinum
Platinum is under strong pressure amid broad pullback in precious metals markets. The sell-off in palladium markets served as an additional bearish catalyst for platinum.
If platinum settles below the support at $975 – $985, it will move towards the next support level 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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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