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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests $4000 Despite Strong Dollar
By:
Key Points:
- Gold rebounded towards the $4000 level.
- Silver gained 2.5% amid rising demand for precious metals.
- Platinum climbed towards the $1600 level.
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Gold
Gold gains ground as traders ignore strong dollar and bet that Fed will start a QE program soon.
In case gold manages to settle above the $4000 level, it will move towards the next resistance level at $4170 – $4180.
Silver
Silver rallied 2.5% as gold/silver ratio declined towards the 82.00 level. RSI remains in the moderate territory, and there is plenty of room to gain momentum in the near term.
A successful test of the resistance at $49.60 – $49.80 will push silver towards the next resistance at $51.10 – $51.30.
Platinum
Platinum is moving higher amid broad rally in precious metals markets. Currently, platinum is trying to settle above the $1600 level.
In case this attempt is successful, platinum will get to the test of the resistance at $1620 – $1630.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir ZernovFutures Trading Expert
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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