Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Moves Higher

Key Insights

• Gold declined below the $2000 level as U.S. dollar gained ground against a broad basket of currencies. 
• Silver moved towards the $23.50 level. 
• Platinum is losing ground amid profit-taking. 

Gold

Gold pulls back as U.S. dollar rebounds. Traders react to the better-than-expected job market data from the U.S., which may force the Fed to be more hawkish.

From the technical point of view, gold failed to settle above the $2000 level and is moving towards the $1975 – $1985 level.

Silver

Silver is also losing ground amid a broad pullback in the precious metals markets, which was triggered by stronger dollar.

In case silver settles below the support at $23.40 – $23.60, it will head towards the next support level, which is located in the $22.25 – $22.50 range.

Platinum

Platinum pulls back as traders take some profits off the table after the strong rally from November lows.

If platinum declines below the $925 level, it will head towards the 50 MA at $900.

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