Advertisement
Advertisement
Gold, Silver, Platinum Forecasts – Gold Pulls Back From Session Highs
By:
Key Points:
- Gold did not manage to settle above the $2035 level and pulled back.
- Silver declined towards $22.75 as gold/silver ratio moved higher.
- Platinum climbed back above the $900 level.
Gold
Gold remains stuck near the $2025 level as traders react to PMI reports from developed countries. U.S. dollar is flat in a volatile trading session, and gold traders will have to wait for additional catalysts.
From the technical point of view, gold needs to settle above $2025 to have a chance to gain additional upside momentum.
Silver
Silver retreats as gold/silver ratio remains above the 88.50 level. Silver market remains volatile, and it looks that there are no serious buyers or sellers in a market dominated by traders.
A move below the $22.75 level will open the way to the test of the support at $22.25 – $22.50.
Platinum
Platinum rebounds after yesterday’s sell-off. From a big picture point of view, platinum market stays range-bound.
If platinum settles back above the 900 level, it will move towards the resistance at $925 – $935.
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.
Did you find this article useful?
Latest news and analysis
Advertisement