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Gold, Silver, Platinum Forecasts – Gold Dives 3% As Powell’s Job Looks Safe
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Key Points:
- Gold pulled back below the $3300 level.
- Silver rallied towards the $33.50 level.
- Platinum tested resistance at $960 - $965.
Gold
Gold is under strong pressure as Donald Trump said that he did not plan to fire Fed Chair Jerome Powell.
The nearest support level for gold is located in the $3235 – $3245 range. A move below the $3235 level will push gold towards the next support at $3140 – $3150.
Silver
Silver tests new highs as gold/silver ratio pulled back below the 88.00 level.
In case silver stays above the $33.20 level, it will head towards the resistance level at $34.40 – $34.60.
Platinum
Platinum tests resistance at $960 – $965 as traders bet that U.S. and China will find a way to get out of the trade war. Donald Trump said that he could reach a deal with China and reduce tariffs on Chinese goods.
A move above the $965 level will push platinum towards the resistance at $1010 – $1015.
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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