Gold, Silver, Platinum Forecasts – Dollar’s Pullback Provides Support To Precious Metals

Key Insights

• Gold gained some ground but failed to climb above the $2050 level. 
• Silver made an attempt to settle above $24.50.
• Platinum moved higher as demand for precious metals increased. 

Gold

Gold gains ground as U.S. dollar retreats after the disappointing U.S. GDP Growth Rate report.

If gold climbs above the $2050 level, it will head towards the resistance at $2065 – $2075.

Silver

Silver tested new highs as gold/silver ratio remained stuck below the 84.00 level.

In case silver manages to settle above today’s highs at $24.49, it will move towards the resistance at $25.00 – $25.30.

Platinum

Platinum moved higher amid rising demand for precious metals. Palladium prices were up by 1.3% today, providing additonal support to platinum.

From the technical point of view, platinum is heading towards the nearest resistance at $990 – $1000.

For a look at all of today’s economic events, check out our economic calendar.