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Gold, Silver, Platinum Forecasts – Dollar’s Pullback Provides Support To Precious Metals
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Precious metals are moving higher as traders react to the weaker-than-expected U.S. GDP Growth Rate report.
Key Insights
- Gold gained some ground but failed to climb above the $2050 level.
- Silver made an attempt to settle above $24.50.
- Platinum moved higher as demand for precious metals increased.
Gold
Gold gains ground as U.S. dollar retreats after the disappointing U.S. GDP Growth Rate report.
If gold climbs above the $2050 level, it will head towards the resistance at $2065 – $2075.
Silver
Silver tested new highs as gold/silver ratio remained stuck below the 84.00 level.
In case silver manages to settle above today’s highs at $24.49, it will move towards the resistance at $25.00 – $25.30.
Platinum
Platinum moved higher amid rising demand for precious metals. Palladium prices were up by 1.3% today, providing additonal support to platinum.
From the technical point of view, platinum is heading towards the nearest resistance at $990 – $1000.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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