SLV

Gold, Silver, Platinum Forecasts – Gold Prices Continue To Consolidate

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Gold

Gold 280224 Daily Chart

Gold stays above the $2030 level, supported by falling Treasury yields. The broad pullback in precious metals markets did not put any pressure on gold in today’s trading session.

In case gold settles above $2040, it will head towards the resistance at $2065 – $2075.

Silver

Silver 280224 Daily Chart

Silver tested new lows as gold/silver ratio climbed above the 90.50 level. Rising gold/silver ratio is the main driver for silver’s weakness.

A successful test of the support at $22.25 – $22.50 will push silver towards the next support level at $21.55 – $21.75.

Platinum

Platinum 280224 Daily Chart

Platinum retreats as traders focus on the strong pullback in palladium markets. From a big picture point of view, platinum markets stay volatile in absence of strong catalysts.

A move below the $880 level opens the way to the test of the support at $840 – $850.

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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