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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Soars Above $90
By:
Key Points:
- Gold made an attempt to settle above the resistance at $4640 - $4650.
- Silver tested new highs as demand remained strong.
- Platinum tested the $2400 level.
Gold
Gold gained some ground as traders reacted to the pullback in Treasury yields and focused on weaker dollar.
The technical picture remains unchanged as gold needs to settle above the resistance at $4640 – $4650 to gain additional upside momentum.
Silver
Silver rallied above the $90.00 level amid signs of severe deficit. Gold/silver ratio pulled back below 51, a level that was last seen back in 2012.
A move above the resistance at $91.50 – $92.00 will push silver towards the $95.00 level.
Platinum
Platinum moved higher amid rising demand for precious metals. Traders focused on the strong rally in silver markets.
In case platinum settles above $2450, it will move towards the resistance at $2510 – $2530.
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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