Gold, Silver, Platinum Forecasts – Gold Pulls Back As Demand For Safe-Haven Assets Declines

Key Insights

• Gold moved lower as geopolitical risks decreased. 
• Silver gained some ground as gold/silver ratio declined. 
• Platinum tested new lows amid worries about China’s economy. 

Gold

Gold is losing ground as demand for safe-haven assets declines. The pullback in Treasury yields did not provide any support to gold markets in today’s trading session.

From the technical point of view, gold settled below the previous support at $1975 – $1985 and is ready to test the next support level at $1940 – $1950.

Silver

Silver rebounded from session lows as gold/silver ratio pulled back below the 86 level.

As a result, silver remains stuck in a range between the support at $22.25 and the resistance at $23.60.

Platinum

Platinum remains under strong pressure amid worries about the health of the Chinese economy.

If platinum stays below the $880 level, it will have a good chance to test the next support level at $850 – $860.

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