Gold, Silver, Platinum Forecasts – Gold Rebounds After Sell-Off

Gold

Gold rebounds after the strong sell-off, which was triggered by reports indicating that China’s central bank was not buying gold in May.

In case gold stays above the $2300 level, it will head towards the 50 MA at $2343.

Silver

Silver is also moving away from recent lows. Gold/silver ratio pulled back towards 77.50, providing additional support to silver.

A move above the $30.00 level will open the way to the test of the resistance at $30.90 – $31.20.

Platinum

Platinum is moving higher amid a broad rebound in precious metals markets. It should be noted that palladium markets are under pressure in today’s trading session, so it remains to be seen whether platinum manages to climb above the nearest resistance at $975 – $985.

If platinum settles back above $985, it will head towards the resistance at $1010 – $1020.

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