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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Traders Buy The Dip
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Key Points:
- Gold attempts to settle back above the resistance at $3650 - $3660.
- Silver gained 2% as gold/silver ratio pulled back towards 86.00.
- Platinum climbed back above the $1400 level.
Gold
Gold gains ground as traders use the recent pullback as an opportunity to increase their long positions.
If gold settles back above the resistance at $3650 – $3660, it will head towards the $3700 level.
Silver
Silver rallied towards the resistance at $42.80 – $43.00 as gold/silver ratio declined below the 86.00 level.
A move above the $43.00 level will push silver towards the $45.00 level. RSI is close to the overbought territory, but there is enough room to gain additional momentum in the near term.
Platinum
Platinum is trying to settle above the $1405 level amid rising demand for precious metals.
In case this attempt is successful, platinum will head towards the next resistance, which is located in the $1450 – $1455 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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