Gold, Silver, Platinum Forecasts – Gold Retreats Amid Broad Pullback In Precious Metals Markets

Gold

Gold pulls back amid sell-off in global markets. Traders are worried about the slowdown of the U.S. economy. While dovish Fed is bullish for gold, some traders may be forced to exit their long positions in gold to boost their liquidity.

Gold did not manage to settle above the resistance at $2445 – $2450 and is moving towards the nearest support level at $2390 – $2400.

Silver

Silver is losing ground as traders focus on the weakness of gold markets. Gold/silver ratio settled near the 86 level, which is bearish for silver.

If silver declines below $28.00, it will head towards the support at $27.20 – $27.50.

Platinum

Platinum markets have also found themselves under pressure as traders reacted to weak U.S. job market reports.

If platinum declines below $950, it will continue to move towards the nearest support at $935 – $940.

For a look at all of today’s economic events, check out our economic calendar.