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Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat After Yesterday’s Sell-Off
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Key Points:
- Gold settled near the $2360 level as traders reacted to Powell's comments.
- Silver did not manage to settle above the resistance at $30.90 - $31.20.
- Platinum tested support at $975 - $985.
Gold
Gold gains some ground after yesterday’s sell-off. Rising Treasury yields and stronger dollar did not put pressure on gold markets today.
In case gold manages to settle above the $2370 level, it will head towards the resistance, which is located near recent highs at $2390 – $2400.
Silver
Silver continues its attempts to settle above the resistance at $30.90 – $31.20 as gold/silver ratio stays near the 76.50 level.
A move above $31.20 will push silver towards the next resistance at $32.25 – $32.50.
Platinum
Platinum remains under pressure as traders focus on the strong sell-off in palladium markets, which are down by 3.3% today.
A move below the $975 level will push platinum towards the support at $930 – $940.
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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