Gold, Silver, Platinum Forecasts – Gold Pulls Back As U.S. Inflation Rate Exceeds Expectations

Key Insights

• Gold is trying to settle below the support at $2015 – $2025.
• Silver is losing ground as gold/silver ratio is moving towards the 90 level. 
• Platinum tested new lows amid a broad pullback in precious metals markets. 

Gold

Gold is losing ground as traders react to U.S. inflation reports, which indicated that Inflation Rate increased from 3.1% in November to 3.4% in December.

A move below the support at $2015 – $2025 will open the way to the test of the next support level at $1970 – $1980.

Silver

Silver tests new lows as gold/silver ratio moved above the 89 level. Stronger dollar puts additional pressure on silver markets.

Currently, silver is trying to settle below the support at $22.25 – $22.50. If this attempt is successful, silver will head towards the next support level at $21.50 – $21.70.

Platinum

Platinum remained under strong pressure as traders reacted to U.S. inflation data.

From the technical point of view, platinum moved below the support at $925 – $935 and is heading towards the next support level at $880 – $890.

For a look at all of today’s economic events, check out our economic calendar.