Advertisement
Advertisement

Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As ECB Cuts Rates

By:
Vladimir Zernov
Published: Sep 12, 2024, 17:19 GMT+00:00

Key Points:

  • Gold rallies as traders focus on dovish monetary policy.
  • Silver climbed towards the $30.00 level as gold/silver ratio pulled back.
  • Platinum tested resistance at $975 - $985.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 120924 Daily Chart

Gold tested historic highs after ECB cut the interest rate from 4.25% to 3.65%. Analysts also expect that Fed will start the new rate cut cycle next week, which is bullish for gold and other precious metals.

If gold settles above the $2550 level, it will head towards the $2600 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum.

Silver

Silver
Silver 120924 Daily Chart

Silver rallied as gold/silver ratio pulled back towards the 85.50 level.

A move above the $30.00 level will open the way to the test of the resistance at $31.45 – $31.75.

Platinum

Platinum
Platinum 120924 Daily Chart

Platinum gained strong upside momentum amid broad rally in precious metals markets.

A successful test of the resistance at $975 – $985 will open the way to the test of the next resistance level at $1020 – $1030.

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