Advertisement
Advertisement
Gold (XAUUSD), Silver, Platinum Forecasts – Silver Tests Multi-Year Highs
By:
Key Points:
- Gold is swinging between gains and losses as traders continue to take profits near historic highs.
- Silver rallied towards the $45.00 level as U.S. GDP Growth Rate exceeded analyst estimates.
- Platinum gained 4% amid strong demand for precious metals.
Gold
Gold markets are mostly flat as traders ignore U.S. dollar’s rally and rising Treasury yields.
From the technical point of view, gold needs to settle above the resistance at $3780 – $3790 to gain additional upside momentum in the near term.
Silver
Silver tests multi-year highs as gold/silver ratio pulled back below the 84.00 level.
Traders should note that RSI is in the overbought territory, so the risks of a pullback are increasing.
Platinum
Platinum managed to climb above the resistance at $1500 – $1505 and is moving towards the $1550 level.
In case platinum settles above $1550, it will gain additional momentum and move towards $1600.
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.
Advertisement