Key Points:
Gold moved below the $2400 level as traders took profits near historic highs. Silver pulled back towards $31.00 as gold/silver ratio rebounded to 76.50.Platinum pulled back towards the $1040 level.
In this article:
Gold is under pressure as traders take profits off the table near historic highs.
In case gold settles below the support at $2390 – $2400, it will head towards the next support level, which is located in the $2295 – $2305 range.
Silver
Silver pulls back as gold/silver ratio rebounded towards the 76.50 level. The potential rebound of gold/silver ratio towards the low end of the previous range at 78.50 is the key risk for silver bulls.
If silver moves below the support at $30.90 – $31.20, it will head towards the next support level at $28.75 – $29.00.
Platinum
Platinum is losing ground amid a broad sell-off in precious metals markets.
If platinum declines below the recent lows at $1030, it will head towards the nearest support at $1010 – $1020.
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About the Author
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
