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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Historic Highs
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Key Points:
- Gold pulled back below the $2460 level amid profit-taking.
- Silver declined by 3.5% as gold/silver ratio settled above the 81.50 level.
- Platinum moved lower amid broad pullback in precious metals markets.
Gold
Gold pulls back as traders take some profits off the table near historic highs. U.S. dollar’s pullback did not provide support to gold markets today.
The technical picture remains bullish as gold managed to stay above the resistance at $2445 – $2450.
Silver
Silver is under strong pressure as gold/silver ratio rallied above the 81.50 level.
In case silver settles below the 50 MA at $30.13, it will move towards the nearest support, which is located in the $28.75 – $29.00 range.
Platinum
Platinum made an attempt to settle above the $1020 level but lost momentum and pulled back as traders focused on the broad pullback in precious metals markets.
As a result, platinum remains stuck in the previous trading range between the support at $975 and the resistance at $1020.
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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