Gold, Silver, Platinum Forecasts – Gold Pulls Back From Multi-Week Highs

By:

Vladimir Zernov

Published: Jan 17, 2025, 17:45 GMT+00:00

Key Points:

Gold faced strong resistance in the $2715 - $2725 range.
Silver moved below the $30.50 level as gold/silver ratio climbed above 89.00.
Platinum rallied as traders focused on strong economic data from China.

In this article:

Gold

-0.09%

Silver

-0.22%

Platinum

-0.52%

Gold

Gold 170125 Daily Chart

Gold pulls back as traders focus on stronger dollar and take some profits off the table near multi-week highs.

From the technical point of view, gold needs to settle above the resistance at $2715 – $2725 to gain additional upside momentum.

Silver

Silver 170125 Daily Chart

Silver pulled back below the $30.50 level as gold/silver ratio rallied above the 89.00 level.

If silver settles below the 50 MA at $30.43, it will head towards the support level at $28.75 – $29.00.

Platinum

Platinum 170125 Daily Chart

Platinum rebounds as traders react to encouraging economic data from China. The country’s GDP Growth Rate, Retail Sales, and Industrial Production exceeded analyst expectations.

A move above the $960 level will push platinum towards the nearest resistance at $975 – $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.