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Gold, Silver, Platinum Forecasts – Gold Pulls Back Towards $3300 As Demand For Safe-Haven Assets Declines
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Key Points:
- Gold is under pressure as the U.S. reached a trade deal with the UK.
- Silver is flat as gold/silver ratio declined.
- Platinum made an attempt to settle above the $975 level.
Gold
Gold is losing ground as demand for safe-haven assets declined after the U.S. announced a trade deal with the UK.
A move below the $3300 level will push gold towards the next support, which is located in the $3235 – $3245 range.
Silver
Silver is mostly flat as gold/silver ratio pulled back below the 102.00. Traders hope that the U.S. will soon announce trade deals with other nations, boosting industrial demand for silver.
From the technical point of view, silver needs to settle above the resistance at $33.00 – $33.20 to gain sustainable upside momentum in the near term.
Platinum
Platinum gained some ground as traders focused on the strong performance of palladium markets, which were up by 1.3%.
In case platinum manages to settle above the $980 level, it will head towards the next resistance at $1010 – $1020.
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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