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Gold, Silver, Platinum Forecasts – Gold Climbs Above $2350 As Dollar Pulls Back
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Key Points:
- Gold moved higher as traders focused on the weakness of the American currency.
- Silver settled above the $30.00 level as gold/silver ratio pulled back towards 77.
- Platinum remained stuck in a range between the support at $975 and the resistance at $1020.
Gold
Gold gains ground as traders focus on U.S. dollar’s pullback and falling Treasury yields. The weaker-than-expected ISM Services PMI report provided significant support to gold and other precious metals.
In case gold settles above the $2350 level, it will move towards the nearest resistance at $2390 – $2400.
Silver
Silver rallied above $30.50 as gold/silver ratio pulled back towards the 77 level.
The nearest resistance level for silver is located in the $30.90 – $31.20 range. A move above $31.20 will push silver towards the resistance at $32.25 – $32.50.
Platinum
Platinum is mostly flat in volatile trading. From the technical point of view, platinum remains stuck between the support at $975 and the resistance at $1020.
A move above $1020 will provide platinum with a chance to gain additional upside momentum.
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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