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Gold, Silver, Platinum Forecasts – Gold Rebounds From Multi-Week Lows
By:
Key Points:
- Gold climbed back above the $3200 level.
- Silver rebounded towards the $32.50 level.
- Platinum gained ground amid broad rebound in precious metals markets.
Gold
Gold rebounds as traders react to PPI report, which showed that PPI decreased by -0.5% month-over-month in April.
In case gold settles above the resistance level at $3235 – $3245, it will move towards the next resistance at $3350 – $3360.
Silver
Silver climbed back above the $32.50 level as traders focused on the strong rebound in gold markets.
The technical picture remains unchanged as silver is stuck between the support at $31.45 – $31.75 and the resistance at $33.00 – $33.20.
Platinum
Platinum is moving higher as traders focus on U.S. economic data and bet on dovish Fed.
A move above the $990 level will open the way to the test of the resistance at $1010 – $1015.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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