Gold, Silver, Platinum Forecasts – Gold Tests New Highs

Gold

Gold tested new highs as rally continued. Traders ignore stronger dollar and rising Treasury yields and focus on demand from central banks.

RSI is in the overbought territory, so the risks of a pullback are increasing. However, gold has a decent chance to test the $2700 level in the near term as market sentiment remains extremely bullish.

Silver

Silver pulled back as gold/silver ratio rebounded above the 83.50 level. Profit-taking may have put some pressure on silver in today’s trading session.

From the technical point of view, silver needs to stay above the $31.75 level to have a chance to gain additional upside momentum in the near term.

Platinum

Platinum continues its attempts to settle above the $985 level despite the pullback in palladium markets.

If platinum settles above $985, it will move towards the next resistance level at $1020 – $1030.

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