Gold, Silver, Platinum Forecasts – Gold Rebounds Above $2500 As Dollar Tests New Lows

Gold

Gold rebounded above the $2500 level as traders reacted to Powell’s dovish comments. The Fed is ready to start the rate cut cycle, which is bullish for precious metals.

A move above the resistance at $2520 – $2530 will push gold towards the next $2550 level.

Silver

Silver rallied as gold/silver ratio pulled back below the 84.50 level. Weak U.S. dollar and falling Treasury yields provided material support to silver markets.

In case silver manages to settle above the $30.00 level, it will move towards the next resistance at $31.40 – $31.75.

Platinum

Platinum moved back towards the $960 level amid broad rally in precious metals markets.

While platinum managed to gain upside momentum, the technical picture has not changed, and platinum stays range-bound.

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