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Gold, Silver, Platinum Forecasts – Gold Gains Ground In Quiet Trading
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Key Points:
- Gold settled above the $2310 level.
- Silver moved towards the $27.50 level as gold/silver ratio declined towards 84.50.
- Platinum managed to rebound from session lows.
Gold
Gold gains some ground as traders wait for catalysts. Treasury yields are moving higher, but this move does not put pressure on gold markets.
From a big picture point of view, gold continues consolidation above the nearest support, which is located in the $2295 – $2305 range.
Silver
Silver moved higher as gold/silver ratio pulled back towards the $84.50 level. Silver is trying to get to the test of the resistance at $27.75 – $28.00.
If silver climbs above the $28.00 level, it will head towards the next resistance at $28.75 – $29.00.
Platinum
Platinum rebounded from session lows as traders used the pullback as an opportunity to increase their long positions.
A successful test of the resistance at $975 – $985 will push platinum towards the next resistance at $1010 – $1020.
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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