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Tuesday 5 June 2018

The gold and platinum fall

Despite the observed return of the dollar against other major currencies, gold and platinum fell. The yellow metal dropped to $1,290, where it now finds strong support.
However, according to technical analysts, if gold falls below $1,290, we can see a further decline in the price of precious metal to $1,280 and further to $1,270.
Platinum has returned below the psychological limit of $900, and now the point is, will the level of support remain at $890 unpierced.
If the metal returns over $900 and moves away above the level, which is likely to be a strong drag area, we can see a further appreciation of the metal.
But to a large extent, the movement of precious metals will continue to be predetermined by geopolitical factors such as trade relations between the US and China, as well as the direction of the dollar's movement relative to other major currencies.


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