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Gold, Silver, Platinum Forecasts – Gold Climbs Towards $2300 As Demand Stays Strong
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Key Points:
- Gold is heading towards the psychologically important $2300 level.
- Silver rallied after a successful test of the $26.00 level.
- Platinum gained ground amid a broad rally in precious metals markets.
Gold
Gold tested new highs as rally continued. U.S. dollar’s pullback and fear of missing out were the key drivers for the move.
Gold is overbought, but every pullback is quickly bought as demand stays strong. The market sentiment is extremely bullish, and gold is ready to test the $2300 level.
Silver
Silver tested multi-year highs as gold/silver ratio declined towards the 85 level. Finally, silver managed to get out of the wide trading range and is ready to test new highs.
A move above $26.95 will open the way to the test of the $28.00 level.
Platinum
Platinum tests resistance at $925 – $935 amid a broad rally in precious metals markets.
If platinum manages to settle above this 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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