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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Gains 9% As Traders Buy The Dip
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Key Points:
- Gold rebounded towards the $5000 level.
- Silver received support near the $64.00 level and climbed towards $77.00.
- Platinum managed to settle above the $2000 level.
Gold
Gold rallied as traders rushed to buy after yesterday’s pullback. From a big picture point of view, gold is trying to consolidate after the sell-off from historic highs.
A move above the $5000 level will push gold towards the resistance at $5100 – $5120.
Silver
Silver tested new lows but lost momentum and rebounded towards the resistance at $78.00 – $79.00.
In case silver climbs back above the $79.00 level, it will head towards the next resistance at $87.00 – $88.00.
Platinum
Platinum has also gained strong upside momentum amid broad rebound in precious metals markets.
A successful test of the resistance at $2040 – $2060 will open the way to the test of the next resistance at $2245 – $2265.
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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