Gold, Silver, Platinum Forecasts – Silver Rallies 4% As The Rebound Continues

Key Insights

• Gold gained ground, boosted by weaker dollar and falling Treasury yields. 
• Silver rallied as gold/silver ratio declined below the 79 level. 
• Platinum is trying to climb above the $935 level. 

Gold

Gold moved above the $1910 level as traders focused on weaker dollar and lower Treasury yields.

In case gold stays above the $1910 level, it will head towards the resistance at $1935 – $1940.

Silver

Silver gained strong upside momentum as gold/silver ratio fell below the 79 level. I have recently shared my views that gold/silver ratio may decline towards the 78 level, and this scenario is in play.

Gold/silver ratio has strong support in the 78 – 79 range, and it remains to be seen whether silver will be able to gain additional upside momentum in the near term, although RSI remains in the moderate territory.

Platinum

Platinum has also moved higher amid rising demand for precious metals.

A successful test of the resistance at $925 – $935 will push platinum towards the next resistance level, which is located in the $975 – $985 range.

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