Gold, Silver, Platinum Forecasts – Gold Rebounds As Traders Buy The Dip

Key Insights

• Gold moved back towards the $1960 level.
• Silver remains stuck in the $22.25 – $23.60 range. 
• Platinum tests new lows as the sell-off continues. 

Gold

Gold rebounds as traders use the recent pullback as an opportunity to establish long positions at attractive levels.

The nearest resistance level for gold is located in the $1975 – $1985 range. A move above $1985 will open the way to the test of the resistance at $2015 – $2025.

Silver

Silver moved back towards the $23.00 level after an unsuccessful attempt to settle below the $22.50 level.

The technical picture remains unchanged as silver is stuck between the support at $22.25 and the resistance at $23.60.

Platinum

Platinum tests new lows as the strong pullback continues. The sell-off in palladium markets put additional pressure on platinum markets today.

RSI remains in the moderate territory, so platinum has a decent chance to settle below the support at $850 – $860 in case the right catalysts emerge.

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