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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Tests Multi-Year Highs Amid Rising Demand For Precious Metals
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Key Points:
- Gold soared above the $3450 level as rally continued.
- Silver settled above the key $40.00 level.
- Platinum gained 4.5% amid strong rally in precious metals markets.
Gold
Gold rallies as traders bet that Fed will cut rates at the meeting in September. Weak dollar provides additional support to gold markets.
From the technical point of view, gold needs to settle above the resistance at $3490 – $3500 to gain additional upside momentum.
Silver
Silver managed to climb above the resistance at $39.80 – $40.00 and tests multi-year highs.
RSI has recently moved into the overbought territory, but there is enough room to gain additional upside momentum in the near term.
Platinum
Platinum moved above the resistance at $1400 – $1405 amid broad rally in precious metals markets.
If platinum stays above the $1420 level, it will head towards the next resistance at $1450 – $1455.
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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