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Gold, Silver, Platinum Forecasts – Gold Is Under Pressure As Dollar Shows Strength
By:
Key Points:
- Gold markets pulled back as U.S. Dollar Index rebounded from multi-week lows.
- Silver made an attempt to settle below the $33.00 level amid broad pullback in commodity markets.
- Platinum declined towards the $1070 level amid profit-taking.
Gold
Gold pulled back as U.S. dollar rebounded from multi-week lows. Falling Treasury yields did not provide support to gold markets in today’s trading session.
If gold declines below the $3300 level, it will head towards the support level at $3235 – $3245.
Silver
Silver made an attempt to settle below the support at $33.00 – $33.20 but lost momentum and climbed back above the $33.20 level.
A move above the $33.50 level will push silver towards the nearest resistance at $34.40 – $34.60.
Platinum
Platinum is losing ground as traders take profits off the table after the strong rally.
From the technical point of view, platinum needs to settle below the support level at $1050 – $1060 to gain additional downside momentum.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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