Gold, Silver, Platinum Forecasts – Gold Rebounds From Multi-Month Lows

Key Insights

• Gold rebounded towards the $1830 level as U.S. dollar moved away from recent highs. 
• Silver is up by almost 3% as gold/silver ratio declined towards the 85 level. 
• Platinum rallied towards the resistance at $880.

Gold

Gold rebounds from multi-month lows as traders focus on U.S. dollar’s pullback. The strong Non Farm Payrolls report did not put pressure on gold markets as currency traders decided to use the news as an opportunity to take some profits off the table after dollar’s rally.

In case gold manages to settle above $1830, it will head towards the nearest resistance level at $1845 – $1855.

Silver

Silver gained upside momentum as gold/silver ratio pulled back towards the 85 level.

A successful test of the resistance at $21.20 – $21.50 will open the way to the test of the next resistance level at $22.25 – $22.50.

Platinum

Platinum moved higher amid a broad rebound in precious metals markets.

In case platinum settles above the resistance at $880 – $890, it will move towards the next resistance at $925 – $935.

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