Gold, Silver, Platinum Forecasts – XAG/USD Rallies 2.4% As Gold/Silver Ratio Declines

Key Insights

• Gold’s consolidation persists, lurking just below the pivotal $1900 mark.
• Silver showcases robust upward momentum as the gold/silver ratio dips beneath 81.50.
• Platinum remains static, eagerly awaiting market catalysts for movement.

Gold

Gold continues consolidation below the $1900 level. U.S. dollar is losing ground against a broad basket of currencies, providing some support to precious metals.

In case gold manages to settle back above the resistance at $1900 – $1910, it will head towards the next resistance, which is located in the $1935 – $1940 range.

Silver

Silver gained strong upside momentum as gold/silver ratio pulled back below the 81.50 level.

A move above the resistance at $23.25 will push silver towards the next resistance at $24.25 – $24.50.

Platinum

Platinum is mostly flat as traders wait for additional catalysts. U.S. dollar’s pullback did not provide enough support to platinum as Treasury yields tested new highs, which was bearish for precious metals.

From the technical point of view, platinum is trying to get to the test of the nearest resistance at $925 – $935. A move above $935 will push platinum towards the next resistance in the $975 – $985 area.

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