Advertisement
Advertisement
Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Dollar Retreats After Jobs Data
By:
Key Points:
- Gold tests resistance at $3350 - $3360.
- Silver remained stuck below the $37.00 level as gold/silver ratio moved towards the 91 level.
- Platinum rebounded from multi-week lows.
Gold
Gold rallied as traders reacted to the weak Non Farm Payrolls report. Treasury yields tested multi-week lows, providing significant support to gold markets.
A successful test of the resistance at $3350 – $3360 will open the way to the test of the next resistance at $3440 – $3450.
Silver
Silver failed to gain strong upside momentum as gold/silver ratio climbed towards the 91.00 level.
A move below the 50 MA at $36.54 will push silver towards the support at $35.65 – $35.85.
Platinum
Platinum rebounds as traders focus on U.S. dollar’s pullback and falling Treasury yields.
If platinum stays above the $1300 level, it will move towards the resistance at $1345 – $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.
Advertisement