Advertisement
Advertisement
Gold, Silver, Platinum Forecasts – Gold Retreats As Demand For Safe-Haven Assets Declines
By:
Key Points:
- Gold pulled back below the $2360 level.
- Silver faced strong resistance above $31.00 and moved towards the $30.50 level.
- Platinum is trying to settle back below the psychologically important $1000 level.
Gold
Gold pulls back as traders take some profits off the table after the rebound from June lows.
A move below the 50 MA at $2340 will push gold towards the support level at $2295 – $2305.
Silver
Silver is losing ground after an unsuccessful attempt to climb above the resistance at $30.90 – $31.20.
In case silver declines below the $30.50 level, it will head towards the 50 MA at $29.57.
Platinum
Platinum retreats amid broad pullback in precious metals markets. From a big picture point of view, demand for safe-haven assets decreased as U.S. indices tested new highs.
If platinum settles below the $1000 level, it will move towards the nearest support, which is located in the $975 – $985 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.
Did you find this article useful?
Latest news and analysis
Advertisement