Advertisement
Advertisement
Gold, Silver, Platinum Forecasts – Gold Retreats Ahead Of The Weekend
By:
Key Points:
- Gold is losing ground as U.S. dollar rallies.
- Silver is under pressure as gold/silver ratio climbed above 85.50.
- Platinum dives as China did not provide additional stimulus to the economy.
Gold
Gold is losing ground as traders focus on U.S. dollar’s rebound. From a big picture point of view, traders are worried that Fed may be less dovish than previously expected.
A move below the support at $2675 – $2685 will push gold towards the next support level at $2580 – $2590.
Silver
Silver is under pressure as gold/silver ratio climbed above the 85.50 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.
If silver settles below $31.45, it will head towards the next support level at $28.75 – $29.00.
Platinum
Platinum is down by 3% as China did not provide additional stimulus to boost demand.
In case platinum stays below the $975 level, it will move towards the next support level at $935 – $945.
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