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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Record Highs
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Key Points:
- Gold did not manage to settle above the $2300 level.
- Silver pulled back on profit-taking.
- Platinum continued its attempts to settle above the key resistance at $925 - $935.
Gold
Gold pulled back after an unsuccessful attempt to settle above the $2300 level. Traders take some profits off the table after the strong rally.
Gold remains overbought so it may gain additional downside momentum in the near term.
Silver
Silver is also losing some ground amid profit-taking. Gold/silver ratio stabilized near the 84.50 level. If gold/silver ratio moves below 84, silver will get additional support.
In case silver stays above the $27.00 level, it will head towards the nearest resistance, which is located in the $27.75 – $28.00 range.
Platinum
Platinum continues its attempts to settle above the important resistance at $925 – $935.
In case platinum manages to settle above this level, it will move towards the next resistance at $975 – $985.
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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