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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On U.S. Inflation Data
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Key Points:
- Gold moved away from session highs after the release of U.S. inflation reports.
- Silver gained ground as gold/silver ratio declined below the 88.00 level.
- Platinum moved above the resistance at $935 - $940.
Gold
Gold made an attempt to settle above the resistance at $2520 – $2530 but lost momentum and pulled back.
From the technical point of view, gold needs to settle above the $2530 level to gain sustainable upside momentum.
Silver
Silver gains ground as gold/silver ratio pulled back below the 88.00 level. U.S. dollar rebounded from session lows, but this move did not put significant pressure on silver markets.
A move above the resistance at $28.75 – $29.00 will push silver towards the next resistance level at $31.45 – $31.75.
Platinum
Platinum managed to climb above the resistance at $935 – $940 and is trying to settle above the $950 level.
In case this attempt is successful, platinum 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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