Gold, Silver, Platinum Forecasts – Gold Pulled Back From Session Highs
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Key Insights
- Gold lacks direction as traders wait for additional catalysts.
- Silver is moving towards the nearest support level at $22.25 – $22.50.
- Platinum dived below the $900 level as traders remained focused on the problems of China’s economy.
Gold
Gold is mostly flat as traders wait for additional catalysts. U.S. dollar is swinging between gains and losses against a broad basket of currencies today as traders are not ready for big moves ahead of the weekend.
Gold made an attempt to settle above $1930 but lost momentum and pulled back towards the $1920 level. Most likely, it will remain in the range between the support at $1910 and the resistance at $1935 until the next week.
Silver
Silver remains under pressure as the strong pullback continues. The weak economic data from China is the main driver for this move.
From the technical point of view, silver is moving towards the support in the $22.25 – $22.50 range.
Platinum
Platinum pulled back below the $900 level amid worries about the situation in China’s economy.
RSI remains in the moderate territory despite the strong pullback, so platinum has a good chance to gain additional downside momentum in case the right catalysts emerge.
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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