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Gold, Silver, Platinum Forecasts – Gold Rallies As Dollar Tests New Lows

By:
Vladimir Zernov

U.S. dollar's pullback fueled a strong rally in precious metals markets.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold moved towards the $2040 level as traders focused on the weakness of the American currency.
  • Silver climbed towards the $25.00 level. 
  • Platinum is trying to settle above the key resistance at $925 – $935.

Gold

Gold
Gold 281123 Daily Chart

Gold tests new highs as traders focus on the weakness of the U.S. dollar, which has recently moved to multi-month lows against a broad basket of currencies.

From the technical point of view, gold moved above the resistance at $2015 – $2025 and is heading towards the next resistance level, which is located in the $2055 – $2065 range.

Silver

Silver
Silver 281123 Daily Chart

Silver moved towards the $25.00 level as the strong rally continued. Gold/silver ratio remains stuck below the 82 level, which is bullish for silver.

RSI has recently moved into the overbought territory, but there is enough room to gain additional upside momentum.

Platinum

Platinum
Platinum 281123 Daily Chart

Platinum continues its attempts to settle above the strong resistance at $925 – $935 amid a broad rally in precious metals markets.

If platinum stays above the $935 level, it will head towards the next resistance, which is located in the $990 – $1000 range.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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