Gold, Silver, Platinum Forecasts – Gold Rebounds After Pullback
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Key Insights
- Gold moved back above the $2025 level.
- Silver declined below $24.00 as gold/silver ratio settled above 84.50.
- Platinum tested support at $880 – $890.
Gold
Gold rebounds as traders focus on the pullback in Treasury yields. The U.S. dollar is flat against a broad basket of currencies, which is mostly bullish for gold markets.
In case gold manages to settle above the $2025 level, it will move towards the next resistance at $2055 – $2065.
Silver
Silver tested new lows as gold/silver ratio rebounded above the 84.50 level. The strong rebound of gold/silver ratio in recent trading sessions served as the key bearish catalyst for silver markets.
From the technical point of view, silver has recently moved below the $24.00 level and is heading towards the support at $23.40 – $23.60.
Platinum
Platinum is losing ground as the pullback conitnues. Currently, platinum is trying to settle below the support at $880 – $890.
In case this attempt is successful, platinum will head towards the next support level, which is located in the $840 – $850 range.
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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