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Gold, Silver, Platinum Forecasts – Gold Pulled Back Below $2900 Amid Profit-Taking
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Key Points:
- Gold is losing ground after an unsuccessful attempt to settle above the resistance at $2930 - $2940.
- Silver did not manage to settle above the $33.00 level and pulled back below $32.50.
- Platinum suffered a strong sell-off.
Gold
Gold pulled back as traders took some profits off the table near historic highs. Falling Treasury yields did not provide any support to gold markets in today’s trading session.
In case gold declines below the support at $2870 – $2880, it will head towards the next support level, which is located in the $2780 – $2790 range.
Silver
Silver made an attempt to settle above the resistance at $32.75 – $33.00 but lost momentum and pulled back.
In case silver declines below the $32.00 level, it will get to the test of the nearest support level at $31.45 – $31.75.
Platinum
Platinum found itself under strong pressure as traders rushed to take profits near multi-week highs.
A move below the $1000 level will push platinum towards the support level at $980 – $985.
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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