Gold, Silver, Platinum Forecasts – Gold Retreats On Profit-Taking

Key Insights

• Gold declined towards the support at $1975 – $1985.
• Silver fell below the $23.00 level as gold/silver ratio rebounded towards 87.
• Platinum tested new highs. 

Gold

Gold remains under pressure as traders continue to take profits off the table near multi-month highs.

In case gold settles below the support at $1975 – $1985, it will gain additional downside momentum.

Silver

Silver pulled back below the $23.00 level as gold/silver ratio moved back towards 87.

From the technical point of view, silver remains stuck between the support at $22.25 – $22.50 and the resistance at $23.40 – $23.60.

Platinum

Platinum is trying to settle above the resistance at $925 – $935 despite weak economic data from China.

In case this attempt is successful, platinum will head towards the next resistance, which is located in the $985 – $1000 range.

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