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Gold, Silver, Platinum Forecasts – Gold Retreats Amid Profit-Taking
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Key Points:
- Gold moved away from historic highs as traders took profits after the strong rally.
- Silver pulled back towards the $32.50 level.
- Platinum continued its attempts to settle above the resistance at $960 - $965.
Gold
Gold pulls back as traders focus on rising Treasury yields and take some profits off the table near historic highs.
If gold settles below the $3300 level, it will move towards the nearest support level, which is located in the $3235 – $3245 range.
Silver
Silver declined towards the $32.50 level as traders reacted to the pullback in gold markets.
A move below $32.50 will open the way to the test of the support level at $31.45 – $31.75.
Platinum
Platinum managed to rebound from session lows and moved back towards the nearest resistance level at $960 – $965.
If platinum climbs above the $965 level, it will head towards the next resistance, which is located in the $1010 – $1015 range.
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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