Gold, Silver, Platinum Forecasts – Gold Pulled Back From Multi-Month Highs

Key Insights

• Gold did not manage to settle above the $2000 level and pulled back. 
• Silver made an attempt to settle above $23.50.
• Platinum is trading near the $900 level. 

Gold

Gold tested new highs as demand for safe-haven assets remained strong amid rising geopolitical tensions.

However, it looks that traders are ready to take some profits off the table, so gold may gain downside momentum in case it settles back below the $1975 level.

Silver

Silver has also moved higher as the rally continued. Gold/silver ratio pulled back below the 85 level, providing additional support to silver.

In case silver settles above the resistance at $23.40 – $23.60, it will move towards the next resistance level at $25.00 – $25.30.

Platinum

Platinum gained ground as traders focused on the general bullish sentiment in precious metals markets.

A move above the psychologically important $900 level will open the way to the test of the resistance at $925 – $935.

For a look at all of today’s economic events, check out our economic calendar.