Gold Price Outlook: Pullback Below $2900 Amid Profit-Taking
Gold prices are experiencing a decline despite falling Treasury yields, as traders lock in profits and await further bullish catalysts to drive prices higher. Currently, gold is trading below $2900, facing key technical support levels.
If gold falls below the $2870 – $2880 support zone, it could extend its decline towards the next major support area at $2780 – $2790. Market participants are closely monitoring macroeconomic indicators and central bank policies for potential gold price catalysts.
Silver Price Forecast: Struggles as Gold/Silver Ratio Climbs Above 90
Silver prices are also under pressure as the gold/silver ratio rises above 90, signaling a shift in investor sentiment. If the ratio continues to climb toward recent highs of 92, silver could face increased downward momentum.
A sustained move below the $32.00 threshold may push silver towards the nearest support zone at $31.45 – $31.75. Traders will be watching demand trends and industrial usage data for further direction.
Platinum Outlook: Declines Amid Precious Metals Pullback and Trade War Concerns
Platinum prices are sliding as part of a broader downturn in the precious metals market. Additionally, ongoing trade tensions serve as a bearish factor, impacting market confidence.
If platinum breaks below the $960 level, the next major support zone is seen at $935 – $940. Market watchers are analyzing supply chain disruptions and industrial demand trends for potential platinum price movements.
Stay Updated with the Latest Economic Data
For real-time updates on market trends, economic data releases, and financial events, check out our economic calendar to stay ahead in the commodities market.
By keeping an eye on key support and resistance levels, traders can navigate the precious metals market volatility effectively and make informed investment decisions.
