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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Higher As Dollar Tests New Lows
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Key Points:
- Gold continues its attempts to settle back above the $3350 level.
- Silver rallied towards $38.50 as gold/silver ratio tested new lows.
- Platinum failed to settle above the $1350 level.
Gold
Gold gains some ground as traders focus on the continuation of U.S. dollar’s pullback, which is driven by bets on dovish Fed.
From the technical point of view, gold needs to settle above the support at $3350 – $3360 to have a chance to gain sustainable upside momentum.
Silver
Silver attempts to settle above the $38.50 level as gold/silver ratio pulled back towards 87.00.
A move above $38.50 will push silver towards the resistance at $39.80 – $40.00.
Platinum
Platinum has recently made another attempt to settle above the strong resistance level at $1345 – $1350 but lost momentum and pulled back.
As a result, platinum remains stuck in a wide range between the support at $1300 and the resistance at $1350.
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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