Advertisement
Advertisement

Gold, Silver, Platinum Forecasts – Gold Tests $2080 As Dollar Dives Towards New Lows

By:
Vladimir Zernov
Published: Dec 27, 2023, 17:59 GMT+00:00

U.S. dollar's weakness serves as the key bullish catalyst for precious metals.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold keeps moving higher as traders focus on weak U.S. dollar. 
  • Silver moved towards the $24.50 level, supported by the strong performance of gold markets. 
  • Platinum tested the key $1000 level. 

Gold

Gold
Gold 271223 Daily Chart

Gold climbed towards the $2080 level as U.S. dollar tested multi-month lows. Traders remain focused on falling Treasury yields.

In case gold settles above the resistance at $2065 – $2075, it will head towards the next resistance level, which is located in the $2140 – $2150 range, although it may also face resistance near the psychologically important $2100 level.

Silver

Silver
Silver 271223 Daily Chart

Silver managed to stay above the $24.00 level as gold tested new highs. Gold/silver ratio continues to move higher, which is bearish for silver.

In case silver manages to settle above $24.50, it will head towards the resistance at $25.00 – $25.30.

Platinum

Platinum
Platinum 271223 Daily Chart

Platinum tests the key $1000 level as demand for precious metals continues to increase.

If platinum settles above $1000, it will head towards the next resistance at $1035 – $1045.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Advertisement