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Gold, Silver, Platinum Forecasts – Gold Pulls Back As Traders Take Some Profits Off The Table
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Key Points:
- Gold pulled back towards the $2920 level amid profit-taking.
- Silver made an attempt to settle above the $33.00 level but lost momentum and pulled back.
- Platinum declined below the $980 level amid demand worries.
Gold
Gold made an attempt to settle above the resistance at $2930 – $2940 but lost momentum and pulled back.
If gold declines below the $2900 level, it will head towards the nearest support level at $2870 – $2880.
Silver
Silver moved lower as traders reacted to the pullback in gold markets, which was driven by profit-taking.
From the technical point of view, silver needs to settle above the resistance at $32.75 – $33.00 to gain additional upside momentum in the near term.
Platinum
Platinum tests support at $980 – $985 as traders worry that trade wars would hurt demand for the metal.
A move below the $980 level will push platinum towards the 50 MA at $962.
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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