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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Dollar Retreats
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Key Points:
- Gold made an attempt to settle above the $2590 level as rally continued.
- Silver faced resistance near the $31.00 level and pulled back.
- Platinum moved lower amid profit-taking.
Gold
Gold tested new highs as traders focused on U.S. dollar’s pullback and falling Treasury yields.
RSI is close to the overbought territory, and it looks that some traders are willing to take profits off the table near historic highs.
Silver
Silver made an attempt to settle above the $31.00 level but lost momentum and pulled back amid profit-taking.
In case silver declines below the $30.50 level, it will head towards the psychologically important $30.00 level.
Platinum
Platinum pulls back as traders take profits after the strong rebound from September lows.
A move below the support at $975 – $985 will push platinum towards the 50 MA at $950.
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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