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Gold, Silver, Platinum Forecasts – Gold Sets New Records As Rally Continues
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Key Points:
- Gold tested the $2530 level, supported by weak dollar and falling Treasury yields.
- Silver pulled back after an unsuccessful attempt to settle above the $30.00 level.
- Platinum moved lower as traders focused on China's economic problems.
Gold
Gold tested new highs as traders focused on U.S. dollar pullback. Falling Treasury yields provided additional support to gold markets.
The nearest resistance level for gold is located in the $2520 – $2530 range. A move above $2530 will push gold towards the $2550 level.
Silver
Silver pulls back as gold/silver ratio climbed above the 85 level. Traders take some profits off the table after the strong rebound from August lows.
In case silver moves above the $30.00 level, it will head towards the resistance at $31.40 – $31.75.
Platinum
Platinum pulls back amid concerns about the health of China’s economy. Palladium markets are also moving lower, which is bearish for platinum.
If platinum settles below the support at $935 – $940, it will head towards the next support level at $880 – $890.
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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