Gold, Silver, Platinum Forecasts – Gold Dives Below $2000
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Key Insights
- Gold settled below the psychologically important $2000 level.
- Silver moved below the $23.00 level.
- Platinum pulled back towards $915 after an unsuccessful attempt to settle above the $925 level.
Gold
Gold retreats as U.S. dollar tests weekly highs. Treasury yields continue to rebound from multi-week lows, which is bearish for gold markets.
In case gold settles below the support at $1975 – $1985, it will head towards the next support level at $1935 – $1945.
Silver
Silver remains under strong pressure amid a broad sell-off in precious metals markets.
The nearest support level for silver is located in the $22.25 – $22.50 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.
Platinum
Platinum made an attempt to settle above the $925 level but lost momentum and pulled back.
In case platinum moves below the 50 MA at $901, it will head towards the support level at $880 – $890.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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