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Gold, Silver, Platinum Forecasts – Gold Pulled Back Below $2900
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Key Points:
- Gold is losing ground as traders ignore the pullback in Treasury yields.
- Silver attempts to settle below the $32.00 level.
- Platinum continues its attempts to settle below the $960 level.
Gold
Gold is losing ground despite falling Treasury yields. Traders take profits and wait for additional positive catalysts.
If gold declines below the support at $2870 – $2880, it will move towards the next support level at $2780 – $2790.
Silver
Silver is losing ground as gold/silver ratio climbed back above the 90 level. In case gold/silver ratio moves towards recent highs at 92, silver will find itself under more pressure.
A move below the $32.00 level will push silver towards the nearest support level at $31.45 – $31.75.
Platinum
Platinum is moving lower amid broad pullback in precious metals markets. Trade wars serve as an additional bearish catalyst for platinum.
In case platinum manages to settle below the $960 level, it will move towards the 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, 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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