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Gold, Silver, Platinum Forecasts – Gold Dives Amid Profit-Taking
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Key Points:
- Gold declined below the $2750 level as traders rushed to take profits near historic highs.
- Silver pulled back below the $30.00 level as gold/silver ratio moved above 91.
- Platinum made an attempt to settle below the $945 level.
Gold
Gold retreats as traders take profits after the strong rally. Falling Treasury yields did not provide support to gold markets in today’s trading session.
If gold declines below the nearest support at $2715 – $2725, it will move towards the next support level, which is located in the $2675 – $2685 range.
Silver
Silver tests new lows as gold/silver ratio rallied above the 91 level. If gold/silver ratio climbs above the 92 level, silver will gain additional downside momentum.
A move below the $30.00 level opens the way to the test of the support level at $28.75 – $29.00.
Platinum
Platinum tests support at $935 – $945 amid broad pullback in precious metals markets.
If platinum settles below the $935 level, it will move towards the support level at $885 – $895.
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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