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Gold, Silver, Platinum Forecasts – Gold Climbed Back Above $2500
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Key Points:
- Gold rebounded from session lows as traders used the opportunity to increase their long positions.
- Silver gained ground as gold/silver ratio pulled back towards 85.50.
- Platinum was mostly flat as traders waited for additional catalysts.
In this article:
Gold
Gold managed to stay above the $2500 level as demand remained strong. Traders bet that Fed will start cutting rates aggressively, which will be bullish for gold markets.
It should be noted that RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
Silver
Silver tests resistance at $28.75 – $29.00 as gold/silver ratio pulled back towards the 85.50 level.
In case silver settles above the $29.00 level, it will move towards the resistance at $31.40 – $31.75.
Platinum
Platinum is mostly flat as some traders prefer to take profits near weekly highs.
A move above the $960 level will push platinum towards the nearest resistance at $975 – $985.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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