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Gold, Silver, Platinum Forecasts – Gold Settled Near $2470 As Traders Waited For Additional Catalysts
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Key Points:
- Gold traders took some profits off the table near historic highs.
- Silver pulled back as gold/silver ratio moved towards 89.
- Platinum did not manage to settle above the resistance at $940.
Gold
Gold is losing some ground as traders take profits near historic highs. It should be noted that gold markets did not gain significant downside momentum as demand for gold remains strong.
In case gold manages to settle above the $2480 level, it will gain additional upside momentum and move towards $2500.
Silver
Silver retreats as gold/silver ratio climbed back towards the 89 level.
Most likely, silver traders will stay focused on the performance of gold markets. If gold tests historic highs, silver will get more support.
Platinum
Platinum remains stuck near the resistance at $935 – $940 as traders wait for additional catalysts.
A move above the $940 level will push platinum towards the resistance at $975 – $985.
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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