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Gold, Silver, Platinum Forecasts – Gold Climbs Above $2350 Amid Rising Demand For Precious Metals
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Key Points:
- Gold managed to climb above the 50 MA at $2343.
- Silver rallied above $30.50 as gold/silver ratio pulled back towards 76.50.
- Platinum continued its attempts to settle above the nearest resistance at $975 - $985.
Gold
Gold markets gain ground despite stronger dollar and rising Treasury yields. Demand for precious metals is strong amid rising geopolitical tensions.
In case gold stays above the $2350 level, it will head towards the resistance at $2390 – $2400.
Silver
Silver rallies as gold/silver ratio pulled back towards the 76.50 level. If gold/silver ratio declines below the support at 75.75, silver markets will gain additional upside momentum.
From the technical point of view, a move above the resistance at $30.90 – $31.20 will open the way to the test of the next resistance at $32.25 – $32.50.
Platinum
Platinum continues its attempts to settle above the resistance at $975 – $985 amid broad rally in precious metals markets.
If platinum settles above $985, it will head towards the next resistance level, which is located in the $1010 – $1020 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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