Gold, Silver, Platinum Forecasts – Gold Tests Multi-Month Highs

Key Insights

• Gold managed to settle above the $2000 level and tested new highs.
• Silver has also tested new highs as gold/silver ratio moved below the 82 level. 
• Platinum pulled back as traders focused on the weak economic data from China.

Gold

Gold moved above the $2000 level and tested resistance at $2015 – $2025 as Treasury yields declined.

In case gold manages to settle above the $2025 level, it will head towards the next resistance, which is located in the $2055 – $2065 range.

Silver

Silver tested new highs as gold/silver ratio settled below the 82 level. From a big picture point of view, gold/silver ratio is moving towards the strong support level in the 78 – 79 range.

Traders should note that RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

Platinum

Platinum pulls back after an unsuccessful attempt to settle above the $935 level. The weak economic data from China served as the key negative catalyst for platinum today.

If platinum settles below the $925 level, it will head towards the 50 MA at $900.

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