Gold, Silver, Platinum Forecasts – Gold Stabilizes Near $1890 As Dollar Pulls Back

Key Insights

• Gold finds stability near $1890.
• Silver is stuck in the range between the support at $22.35 and the resistance at $23.00.
• China’s stimulus initiatives bolster platinum, suggesting amplified industrial demand for metals.

Gold

Gold stabilized near the $1890 level as U.S. dollar pulled back against a broad basket of currencies.

RSI is close to the oversold territory, so the risks of a rebound are increasing. Gold needs to settle back above the resistance at $1900 – $1910 to have a chance to gain sustainable upside momentum.

Silver

Silver gained some ground in today’s trading session as traders focused on weaker dollar and lower Treasury yields.

From the technical point of view, silver has settled in a range between the support at $22.35 and the resistance at $23.00.

Platinum

Platinum gained upside momentum as traders bet that China’s stimulus measures would provide sufficient support to industrial demand for precious metals.

Platinum managed to settle back above the $900 level and is heading towards the next resistance, which is located in the $925 – $935 range.

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