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Gold, Silver, Platinum Forecasts – Gold Gains 0.9% As Dollar Retreats
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Key Points:
- Gold moved towards the $2340 level.
- Silver rallied as gold/silver ratio dropped to 77.50.
- Platinum rebounded from multi-week lows.
Gold
Gold gained ground as traders focused on weak dollar and falling Treasury yields. Traders reacted to U.S. inflation reports, which showed that Inflation Rate declined from 3.4% in April to 3.3% in May.
In case gold settles above the 50 MA at $2345, it will move towards the nearest resistance level at $2390 – $2400.
Silver
Silver rallied as gold/silver ratio pulled back towards the 77.50 level. The dynamics of gold/silver ratio served as the key catalyst for recent volatility in silver markets.
A move above the $30.00 level opens the way to the test of the resistance at $30.90 – $31.20.
Platinum
Platinum rebounds from multi-week lows amid broad rally in precious metals markets.
From the technical point of view, platinum needs to settle above the resistance at $975 – $985 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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