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Gold, Silver, Platinum Forecasts – Gold Tests New Lows After U.S. Inflation Report
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Key Points:
- Gold is trying to settle below the $2580 level.
- Silver is losing ground as traders focus on strong dollar.
- Platinum attempts to settle below the $935 level.
Gold
Gold remains under pressure as traders focus on U.S. inflation data. Inflation Rate increased from 2.4% to 2.6%, and traders bet that Fed may be forced to be more hawkish in the near term.
A move below the $2580 level will push gold towards the next support at $2515 – $2525.
Silver
Silver made an attempt to settle above the $31.00 level but lost momentum and pulled back.
In case silver declines below the $30.00 level, it will head towards the nearest support level at $28.75 – $29.00.
Platinum
Platinum tests new lows amid broad pullback in precious metals markets. U.S. dollar tests multi-month highs, which is bearish for platinum.
A successful test of the support at $935 – $945 will push platinum towards the next support level 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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