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Gold, Silver, Platinum Forecasts – Gold Pulls Back Amid Profit-Taking
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Key Points:
- Gold settled near the $2160 level.
- Silver rallied above $25.00 as gold/silver ratio declined below the 86 level.
- Platinum made an attempt to settle above $950.
Gold
Gold is mostly flat as traders focus on stronger dollar and rising Treasury yields.
The nearest support level for gold is located in the $2140 – $2150 range. A move below $2140 will push gold towards the support at $2065 – $2075.
Silver
Silver tests new highs as gold/silver ratio settled below the 86 level. The strong pullback in gold/silver ratio served as the key positive catalyst for silver in recent trading sessions.
A move above the $25.50 level will push silver towards the next resistance at $25.75 – $26.00.
Platinum
Platinum continues its attempts to settle above the resistance at $925 – $935. Palladium markets are moving higher, which is bullish for platinum.
If platinum stays above $935, it will head towards the next resistance level, which is located in the $975 – $985 range.
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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