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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests Historic Highs As Traders Focus On Global Debt Problems
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Key Points:
- Gold rallied above the $3500 level.
- Silver was mostly flat as gold/silver ratio climbed above 86.50.
- Platinum pulled back amid profit-taking.
Gold
Gold tests new highs as traders react to the strong sell-off in the European debt markets.
In case gold stays above the $3500 level, it will head towards the $3550 level.
Silver
Silver tested new highs as traders focused on the rally in gold markets. Gold/silver ratio climbed above 86.50, which was bearish for silver.
RSI has recently moved into the overbought territory, so the risks of a pullback are increasing.
Platinum
Platinum pulled back as traders took some profits off the table after yesterday’s rally.
From the technical point of view, platinum needs to stay above the resistance at $1400 – $1405 to gain additional upside momentum in the near term.
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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