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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Remains Stuck Below Key Resistance
By:
Key Points:
- Gold failed to settle above the $3350 level.
- Silver remained under pressure amid profit-taking.
- Platinum made an attempt to settle above the $1270 level.
Gold
Gold remains stuck below the key resistance at $3350 – $3360 despite weak dollar and falling Treasury yields.
Bulls may start to worry as gold failed to settle above the $3360 level after the release of U.S. inflation data, which showed that Core Inflation Rate remained unchanged at 2.8%.
Silver
Silver continues to move lower as traders take profits off the table near multi-year highs.
A successful test of the support at $35.65 – $35.85 will open the way to the test of the next support level at $34.40 – $34.60.
Platinum
Platinum tested new highs as the strong rally continued. Traders reacted to the trade deal between U.S. and China.
It should be noted that RSI is in the extremely overbought territory, so the risks of a pullback are increasing.
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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