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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Demand For Safe-Haven Assets Declines
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Platinum pulled back below the $870 level as traders focused on the problems of China's economy.
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.
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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