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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Demand For Safe-Haven Assets Falls
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Key Points:
- Gold tested new lows as traders focused on the trade deal between U.S. and China.
- Silver pulled back as traders reacted to the weakness of gold markets.
- Platinum dived towards the support at $1335 - $1340.
Gold
Gold is under strong pressure as U.S and China confirmed details of the new trade framework.
The nearest support level for gold is located in the $3235 – $3245 range. A move below the $3235 level will push gold towards the next support at $3160 – $3170.
Silver
Silver pulled back as traders focused on the sell-off in gold markets, which was driven by falling demand for safe-haven assets.
A successful test of the support at $35.65 – $35.85 will push silver towards the next support level at $34.60 – $34.80.
Platinum
Platinum suffered a strong sell-off as traders rushed to take profits off the table after the strong rally.
In case platinum settles below the support at $1335 – $1340, it will move towards the next support level at $1240 – $1245.
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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