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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Rally Continues
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Key Points:
- Gold made an attempt to settle above the $2275 level.
- Silver tested the key resistance level at $25.75 - $26.00.
- Platinum gained 2% as demand for precious metals increased.
Gold
Gold tested new highs despite rising Treasury yields. Demand for safe-haven assets increased as U.S. stock indices pulled back from recent highs.
The bullish trend is strong. However, RSI remains in the overbought territory, so the risks of a pullback are increasing.
Silver
Silver rallied as gold/silver ratio pulled back towards 87.60. Currently, silver is trying to settle above the key resistance at $25.75 – $26.00.
A move above $26.00 will signal that silver is ready to gain sustainable upside momentum.
Platinum
Platinum gained ground amid a broad rally in commodity markets. U.S. dollar’s pullback provided additional support to platinum.
If platinum settles above the resistance at $925 – $935, it will head towards the next resistance level at $975 – $985.
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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