Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Tests New Highs
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Key Insights
- Gold is under pressure as traders focus on strong dollar and rising Treasury yields.
- Silver pulled back below $22.50 as gold/silver ratio settled above the 90 level.
- Platinum is trying to rebound after sell-off.
Gold
Gold is trying to settle below the support at $2015 – $2025 as U.S. dollar tests multi-month highs after the strong ISM Services PMI report.
In case gold settles below the $2015 level, it will gain additional downside momentum and move towards the next support level at $1965 – $1975.
Silver
Silver is losing ground as gold/silver ratio moved above the 90 level. The recent dynamics of gold/silver ratio indicate that demand for silver is falling.
A move below the support at $22.25 – $22.50 will push silver towards the $21.50 – $21.65 area.
Platinum
Platinum is trying to rebound after the recent sell-off. It remains to be seen whether platinum will manage to gain sustainable upside momentum as traders remain worried about the health of the Chinese economy.
From the technical point of view, platinum found support near the $880 – $890 level. If platinum moves below $880, it will head towards the next 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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