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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Pulls Back From Multi-Year Highs
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Key Points:
- Gold made an attempt to settle above the $3350 level but lost momentum and pulled back.
- Silver moved lower as traders took profits off the table near multi-year highs.
- Platinum pulled back towards the $1200 level.
Gold
Gold is mostly flat as traders wait for additional catalysts. Traders are not ready for big moves ahead of the CPI report, which will be released tomorrow.
From the technical point of view, gold remains stuck below the nearest resistance level at $3350 – $3360.
Silver
Silver is moving lower as traders take some profits off the table after the strong rally.
In case silver settles back below the $36.50 level, it will head towards the nearest support level, which is located in the $35.65 – $35.85 range.
Platinum
Platinum pulled back amid profit-taking. RSI remains in the extremely overbought territory, highlighting the risks of a strong pullback.
A move below the $1195 level will push platinum towards the support level at $1135 – $1140.
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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