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Gold, Silver, Platinum Forecasts – Gold Retreats Amid Broad Sell-Off In Precious Metals Markets
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Key Points:
- Gold pulled back towards the $2325 level despite rising Treasury yields.
- Silver suffered a strong sell-off as gold/silver ratio rebounded towards 79.00.
- Platinum pulled back below the psychologically important $1000 level.
Gold
Gold is losing ground amid broad sell-off in precious metals markets. Bulls need additional positive catalysts to push gold prices above the $2350 level.
The nearest support level for gold is located in the $2295 – $2305 range. A move below $2295 may trigger a sell-off.
Silver
Silver is under strong pressure as gold/silver ratio rebounded towards the 79 level.
Silver is moving towards the support at $28.75 – $29.00. In case silver settles below $28.75, it will head towards the next support at $27.30 – $27.60.
Platinum
Platinum retreats as traders remain worried about the strength of demand from China.
A successful test of the nearest support at $975 – $985 will open the way to the test of 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.
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