Gold, Silver, Platinum Forecasts – Gold Pulls Back As Traders Wait For Catalysts

Key Insights

• Gold pulled back towards the $1980 level. 
• Silver did not manage to settle above the $24.00 level. 
• Platinum was mostly flat amid a lack of catalysts. 

Gold

Gold moved lower despite U.S. dollar’s pullback. It looks that gold needs additional catalysts to climb above the psychologically important $2000 level.

If gold settles back below $1975, it will move towards the nearest support level, which is located in the $1940 – $1950 range.

Silver

Silver moved lower after an unsuccessful attempt to settle above the $24.00 level. As in the case of gold, silver needs additional catalysts to gain upside momentum.

From the technical point of view, the current pullback looks normal as silver has already enjoyed a significant rally this week.

Platinum

Platinum is mostly flat ahead of the weekend. Platinum failed to develop sufficient upside momentum and moved back below the $900 level.

The nearest support level for platinum is located in the $880 – $890 range. A move below $880 will push platinum towards the next support at $850 – $860.

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