Gold, Silver, Platinum Forecasts – Gold Retreats Amid Strong Pullback In Commodity Markets

Gold

Gold is losing ground amid broad pullback in commodity markets, which was triggered by worries about the health of China’s economy.

From the technical point of view, gold did not manage to settle above the resistance at $2520 – $2530 and is moving towards the support level at $2445 – $2450.

Silver

Silver tests new lows as traders focus on China’s weak economic data. Gold/silver ratio climbed towards the 89 level, which was bearish for silver.

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

Platinum

Platinum is under strong pressure amid demand worries. Palladium markets are down by 4% today, which is bearish for platinum.

In case platinum settles below the support at $890 – $900, it will have a chance to gain additional downside momentum.

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