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Gold, Silver, Platinum Forecasts – Gold Pulls Back From Record Highs
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Key Points:
- Gold pulled back after an unsuccessful attempt to settle above the $2400 level.
- Silver is losing ground as gold/silver ratio rebounded towards 83.50.
- Platinum tested the $1000 level but lost momentum and pulled back.
Gold
Gold is losing ground as traders take profits after the strong rally. U.S. dollar tested multi-month highs today. Typically, strong dollar is bearish for gold, but the current situation is unique as gold prices are driven by central bank demand and rising geopolitical tensions.
In case gold settles back below the $2350 level, it will head towards the nearest support, which is located in the $2295 – $2305 range.
Silver
Silver has also moved lower after testing new highs. Gold/silver ratio rebounded towards the 83.50 level, which was bearish for silver.
A move below the nearest support at $27.75 – $28.00 will push silver towards the next support level at $25.75 – $26.00.
Platinum
Platinum gained some ground but did not manage to settle above the psychologically important $1000 level.
If platinum manages to settle above $1000, it will head towards the resistance at $1015 – $1025.
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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