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Gold, Silver, Platinum Forecasts – Gold Gains Ground After Powell’s Comments
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Key Points:
- Gold climbed above $2350 as traders focused on Powell's dovish comments.
- Silver tested resistance at $28.75.
- Platinum moved above the $1030 level as the strong rally continued.
Gold
Gold moved above the $2350 level as traders focused on Powell’s dovish comments and falling Treasury yields. Powell signaled that rates would likely stay at current levels for some time.
If gold stays above the $2350 level, it will head towards the nearest resistance at $2390 – $2400.
Silver
Silver made an attempt to settle above the $28.75 level as gold/silver ratio pulled back towards 82.50.
A move above the $29.00 level will provide silver with an opportunity to gain additional upside momentum.
Platinum
Platinum continues to move higher as traders bet that demand in China would grow, supported by stimulus measures.
If platinum stays above the resistance at $1010 – $1020, it will head towards the next resistance level at $1070 – $1080.
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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