Gold, Silver, Platinum Forecasts – Gold Tests Support At $2015
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Key Insights
- Gold is losing ground as traders react to U.S. economic data.
- Silver did not manage to settle above the $23.00 level and pulled back.
- Platinum rallies as traders focus on China’s stimulus measures.
Gold
Gold is stuck near the $2015 level as traders react to U.S. PCE Price Index report, which met analyst estimates.
If gold settles below the $2015 level, it will gain additional downside momentum and move towards the next support at $1970 – $1980.
Silver
Silver is losing ground as gold/silver ratio climbed back above the 88.50 level.
From the technical point of view, silver failed to settle above $23.00 and is moving back towards the nearest support at $22.25 – $22.50.
Platinum
Platinum rallies amid hopes that China’s stimulus measures would boost demand for the metal.
The nearest resistance level for platinum is located in the $925 – $935 range. A move above $935 will provide platinum with an opportunity to gain additional upside momentum.
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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