Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Rebounds
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Key Insights
- Gold pulls back after yesterday’s rebound.
- Silver gains ground as gold/silver ratio dips below the 84 level.
- Platinum moves higher as traders react to strong economic data from China.
Gold
Gold pulls back as U.S. dollar gains ground after yesterday’s sell-off. Rising Treasury yields put additional pressure on gold markets.
The nearest support level for gold is located in the $1940 – $1950. A move below $1940 will push gold towards the next support at $1900 – $1910.
Silver
Silver climbed to the top of the current trading range as gold/silver ratio declined below the 84 level.
A successful test of the resistance at $23.60 will open the way to the test of the next resistance level, which is located in the $25.00 – $25.30 range.
Platinum
Platinum continues to rebound as traders react to the better-than-expected economic data from China.
If platinum settles above the $900 level, it will move towards the resistance at $925 – $935.
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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