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Gold, Silver, Platinum Forecast – Gold Tested $2350 As Rally Continued
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Key Points:
- Gold made an attempt to settle above the $2350 level.
- Silver tested the $28.00 level as gold/silver ratio declined towards 84.
- Platinum gained 3.7% as traders focused on the strong rally in gold and silver markets.
Gold
Gold pulled back from historic highs as investors took some profits off the table. However, the current trend stays strong, and demand for gold is rising.
From the technical point of view, gold settled in a range between the support at $2295 – $2305 and the resistance at $2350 – $2360.
Silver
Silver tested new highs as gold/silver ratio declined towards the 84 level. Demand for silver stays strong as traders bet that gold/silver ratio will move lower.
In case silver settles above the resistance at $27.75 – $28.00, it will head towards the next resistance at $28.70 – $28.90.
Platinum
Platinum prices rallied as traders bet that demand for platinum would increase due to the strong rally in gold and silver markets.
If platinum settles above $960, it will head towards the nearest resistance, which is located in the $975 – $985 range.
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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