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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Gains 2% As Traders Buy The Dip
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Key Points:
- Gold rallied towards the resistance at $4370 - $4380.
- Silver settled above the $52.00 level.
- Platinum rebounded from session lows and moved towards the $1625 level.
Gold
Gold rallied as traders used Friday’s pullback as an opportunity to increase their long positions at attractive levels.
A successful test of the resistance at $4370 – $4380 will open the way to the test of the psychogically important $4500 level.
Silver
Silver failed to gain strong momentum as gold/silver ratio climbed back above the 83.00 level.
In case silver settles above the $52.50 level, it will head towards the nearest resistance, which is located in the $53.40 – $53.60 range.
Platinum
Platinum attempts to settle back above the resistance level at $1620 – $1625 amid rising demand for precious metals.
In case this attempt is successful, platinum will head towards the next resistance, which is located near recent highs in the $1730 – $1735 range.
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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