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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Focus On Middle East
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Key Points:
- Gold settled above the $3400 level as traders focused on Israel - Iran conflict.
- Silver was mostly flat in volatile trading.
- Platinum suffered a strong sell-off amid profit-taking.
Gold
Gold tested new highs as demand for safe-haven assets increased amid conflict between Israel and Iran.
If gold climbs above the $3450 level, it will move towards the resistance at $3490 – $3500.
Silver
Silver is mostly flat as gold/silver ratio climbed back above the 94.50 level, which was bearish for silver.
The technical picture remains bullish as silver managed to stay above the nearest support at $35.65 – $35.85.
Platinum
Platinum found itself under strong pressure as traders rushed to take profits off the table.
A successful test of the support at $1195 – $1200 will push platinum towards the next support level at $1140 – $1145.
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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