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Gold, Silver, Platinum Forecasts – Gold Retreats Amid Strong Pullback In Precious Metals Markets
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Key Points:
- Gold is trying to settle below the $2615 level.
- Silver declined below the $29.50 level as gold/silver ratio moved towards recent highs.
- Platinum is down by roughly 3%.
Gold
Gold pulls back as traders focus on rising Treasury yields and take some profits off the table ahead of the New Year.
In case gold declines below the $2610 level, it will move towards the nearest support at $2580 – $2590.
Silver
Silver retreats as gold/silver ratio climbed above the 89.00 level. In case gold/silver ratio moves towards the 90.00 level, silver will find itself under more pressure.
The nearest support level for silver is located in the $28.75 – $29.00 range. A move below the $28.75 level will push silver towards the support at $27.50 – $27.70.
Platinum
Platinum suffered a strong sell-off amid broad pullback in precious metals markets.
If platinum declines below the $915 level, it will move towards the support at $895 – $905.
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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