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Gold, Silver, Platinum Forecasts – Gold Retreats Amid Sell-Off In Commodity Markets
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Key Points:
- Gold pulled back below the $2620 level.
- Silver is down by more than 4% as traders focus on rising gold/silver ratio.
- Platinum declined towards the $950 level.
Gold
Gold is losing ground amid lack of additional positive catalysts. The recent rebound of the U.S. dollar put material pressure on gold markets.
A move below the $2600 level will push gold towards the support at $2580 – $2590.
Silver
Silver is under strong pressure as gold/silver ratio climbed above the 86.00 level.
If silver settles below the $30.00 level, it will head towards the 50 MA at $29.54.
Platinum
Platinum pulled back amid broad sell-off in commodity markets, which was triggered by the strong pullback in the oil markets.
From the technical point of view, platinum settled below the support at $975 – $985 and is trying to settle below the 50 MA at $955. In case this attempt is successful, platinum will head towards the support at $935 – $940.
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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