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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Gains 10% As Historic Rally Continues
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Key Points:
- Gold settled above the $5000 level and tested new highs.
- Silver skyrocketed as gold/silver ratio pulled back below 45.
- Platinum tested historic highs near the $2880 level.
Gold
Gold climbed above the $5000 level and tested resistance at $5100 – $5110 as traders focused on the weakness of the U.S. dollar.
It should be noted that RSI is in the extremely overbought territory, so the risks of a pullback are increasing.
Silver
Silver soared above the $110.00 level and made an attempt to settle above $115.00 as gold/silver ratio declined below the 45 level.
There are no signs of profit-taking, and speculative traders continue to push silver prices towards new highs.
Platinum
Platinum has also tested historic highs as traders reacted to the strong rally in gold and silver markets.
A move above the resistance at $2860 – $2880 will push platinum towards the psychologically important $3000 level.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
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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