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Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As Demand Stays Strong
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Key Points:
- Gold made an attempt to settle above the $965 level.
- Silver tested the $28.00 level as gold/silver ratio did not rebound after yesterday's pullback.
- Platinum moved towards the resistance at $975 - $985.
Gold
Gold tested new highs as demand for gold remained strong ahead of U.S. inflation reports, which will be released tomorrow.
Gold is overbought, but it remains to be seen whether traders want to take profits off the table as central banks continue to buy gold for reserves.
Silver
Silver has also tested new highs as the rally continued. Gold/silver ratio settled near the 84 level, which was bullish for silver.
If silver manages to settle above the $28.00 level, it will head towards the next resistance at $28.70 – $28.90.
Platinum
Platinum gained ground amid strong demand for precious metals. Palladium markets tested new highs, providing additional support to platinum.
If platinum moves above the $985 level, it will head towards the resistance at $1015 – $1025.
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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