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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Rallies
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Key Points:
- Gold pulled back towards the $2500 level.
- Silver dived 2.4% as gold/silver ratio climbed above 85.50.
- Platinum is trying to settle below the support at $935 - $940.
Gold
Gold retreats as traders focus on U.S. dollar’s rebound. The resistance at $2520 – $2530 has been tested several times and proved its strength, and gold will need significant catalysts to climb above the $2530 level.
A move below the $2500 level will open the way to the test of the nearest support at $2445 – $2450.
Silver
Silver is under strong pressure as gold/silver ratio climbed above the 85.50 level.
The nearest support level for silver is located in the $28.75 – $29.00 range. A move below the $28.75 level will push silver towards the next support at $27.20 – $27.50.
Platinum
Platinum tests support at $935 – $940 amid broad pullback in precious metals markets.
If this test is successful, platinum will move towards the next support level at $890 – $900.
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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