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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests Weekly Highs As Dollar Retreats
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Key Points:
- Gold moved above the $3370 level as traders focused on dollar's pullback.
- Silver is trying to settle above the $39.00 level.
- Platinum remains stuck near the key resistance level.
Gold
Gold moved above the $3370 level as traders focused on U.S. dollar’s pullback, which was driven by Powell’s dovish comments.
If gold stays above $3360, it will head towards the $3400 level. A move above this level will push gold towards $3440 – $3450.
Silver
Silver rallied towards the $39.00 level as gold/silver ratio pulled back below 86.50.
In case silver settles above $39.00, it will head towards the resistance at $39.80 – $40.00.
Platinum
Platinum gained some ground amid rising demand for precious metals. From the technical point of view, platinum continued its attempts to settle above the strong resistance at $1345 – $1350.
If platinum settles above the $1350 level, it will head towards the next resistance at $1400 – $1405.
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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