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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests Historic Highs As Rally Continues
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Key Points:
- Gold rallied above the $3550 level.
- Silver climbed above $41.00 as traders remained bullish.
- Platinum tested resistance at $1450 - $1455.
Gold
Gold tested new highs as JOLTs Job Openings report missed analyst estimates. Traders bet that Fed will cut rates due to the weakness of the job market.
From the technical point of view, gold settled above $3550 and is moving towards the $3600 level.
Silver
Silver gained ground as strong rally continued. RSI is in the overbought territory, so the risks of a pullback are increasing.
It should be noted that silver has not visited these levels since 2011, so there is no resistance in sight.
Platinum
Platinum tests new highs as traders focus on the strong rally in gold and platinum markets.
A move above the resistance at $1450 – $1455 will open the way to the test of the next resistance at $1495 – $1500.
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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