Gold, Silver, Platinum Forecasts – Gold Remains Stuck Below The $2000 Level
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Key Insights
- Gold is mostly flat after yesterday’s pullback.
- Silver gained ground as gold/silver ratio declined.
- Platinum moved higher, supported by the strong rally in palladium markets.
Gold
Gold is mostly flat despite falling Treasury yields. Traders stay focused on yesterday’s inflation data and prepare for a more hawkish Fed.
If gold settles below the $1990 level, it will head towards the support at $1965 – $1975.
Silver
Silver rebounds as gold/silver ratio pulled back towards the 89 level. U.S. dollar’s pullback provided additional support to silver markets.
A move above the $22.50 level will push silver towards the recent highs near the $23.00 level.
Platinum
Platinum gained upside momentum as traders focused on the strong rally in palladium markets, which are up by more than 7%.
In case platinum settles back above $890, it will head towards the nearest resistance level, which is located in the $925 – $935 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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