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Gold, Silver, Platinum Forecasts – Gold Climbed Back Above $2450
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Key Points:
- Gold gained ground as traders used the recent pullback as an opportunity to increase their long positions.
- Silver rallied above $28.00 as gold/silver ratio pulled back towards 86.50.
- Platinum climbed above the $950 level.
Gold
Gold gains ground as traders buy the dip. Rising Treasury yields and stronger dollar did not put any pressure on gold markets.
From the technical point of view, gold consolidates below historic highs, which means that a breakout is possible.
Silver
Silver rallied as gold/silver ratio pulled back towards the 86.50 level. In case gold/silver ratio continues to move lower, silver will get more support.
If silver stays above the $28.00 level, it will get to the test of the nearest resistance at $28.75 – $29.00.
Platinum
Platinum gained strong upside momentum amid broad rebound in commodity markets.
In case platinum climbs above the $960 level, it will head towards the next 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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