Gold, Silver, Platinum Forecasts – Gold Settled Below $2050
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Key Insights
- Gold failed to settle above the psychologically important $2050 level.
- Silver gains ground as gold/silver ratio declines.
- Platinum tested new highs as traders bet on rising demand for the metal.
Gold
Gold pulls back as traders focus on U.S. dollar’s rebound. However, it should be noted that U.S. dollar did not gain strong momentum, so it remains to be seen whether gold will get to the test of the support at $2015 – $2025.
From the technical point of view, gold consolidates below the $2050 level. A move above $2050 will push gold towards the next resistance at $2065 – $2075.
Silver
Silver tested new highs as gold/silver ratio pulled back below the 84 level. Gold/silver ratio was below 81 at the start of December, so silver may gain strong momentum in case gold/silver ratio moves back towards the levels seen at the start of the month.
In case silver climbs above $24.50, it will head towards the nearest resistance, which is located in the $25.00 – $25.30 range.
Platinum
Platinum continues to move higher as traders bet that demand for the metal would increase in China.
If platinum settles above $970, it will head towards the next resistance at $990 – $1000.
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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