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Gold, Silver, Platinum Forecasts – Gold Dives 3% After Successful U.S. – China Talks
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Key Points:
- Gold tests support at $3235 - $3245.
- Silver settled near the $32.50 level.
- Platinum pulled back towards the support at $960 - $965.
Gold
Gold is under strong pressure as traders react to the results of U.S. – China trade talks. Demand for safe-haven assets declined as U.S. and China reduced tariffs.
In case gold settles below the support at $3235 – $3245, it will move towards the next support level at $3140 – $3150.
Silver
Silver moved lower as traders focused on tariff news. However, the pullback in gold/silver ratio provided some support to silver in today’s trading session.
If silver settles back above the $32.50 level, it will head towards the nearest resistance level at $33.00 – $33.20.
Platinum
Platinum is losing ground amid broad pullback in precious metals markets. Palladium markets are down by 4.2%, which is bearish for platinum.
A move below the support at $960 – $965 will open the way to the test of the next support level at $930 – $935.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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