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Gold, Silver, Platinum Forecasts – Gold Gains Ground Ahead Of The Weekend
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Key Points:
- Gold rebounded towards the $2330 level, supported by falling Treasury yields.
- Silver moved back above the $29.00 level.
- Platinum is trying to settle above the $950 level.
Gold
Gold rebounds as traders focus on the pullback in Treasury yields. From a big picture point of view, gold found strong support in the $2295 – $2305 range.
In case gold climbs above the 50 MA at $2345, it will move towards the next resistance at $2390 – $2400.
Silver
Silver rebounds from multi-week lows as traders focus on the performance of gold markets.
Traders should note that silver’s dynamics in recent trading sessions were mostly driven by fluctuations of gold/silver ratio.
Platinum
Platinum gains some ground amid broad rebound in precious metals markets. However, the current bearish trend remains unchanged.
Platinum needs to climb back above the 50 MA at $984 to have a chance to gain sustainable 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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