Gold, Silver, Platinum Forecasts – Gold Tests Support At $2015

Key Insights

• Gold is losing ground as traders react to U.S. economic data. 
• Silver did not manage to settle above the $23.00 level and pulled back. 
• Platinum rallies as traders focus on China’s stimulus measures.

Gold

Gold is stuck near the $2015 level as traders react to U.S. PCE Price Index report, which met analyst estimates.

If gold settles below the $2015 level, it will gain additional downside momentum and move towards the next support at $1970 – $1980.

Silver

Silver is losing ground as gold/silver ratio climbed back above the 88.50 level.

From the technical point of view, silver failed to settle above $23.00 and is moving back towards the nearest support at $22.25 – $22.50.

Platinum

Platinum rallies amid hopes that China’s stimulus measures would boost demand for the metal.

The nearest resistance level for platinum is located in the $925 – $935 range. A move above $935 will provide platinum with an opportunity to gain additional upside momentum.

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