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Gold, Silver, Platinum Forecasts – Gold Gains Ground As Dollar Falls Towards Multi-Month Lows
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Demand for precious metals stays strong as traders focus on potential rate cuts in the first half of the next year.
Key Insights
- Gold continued its attempts to settle above the $2065 level as U.S. dollar remained under pressure.
- Silver was mostly flat as gold/silver ratio moved higher.
- Platinum tested the key resistance at $990 – $1000.
Gold
Gold gains ground as U.S. dollar is moving towards multi-month lows, which is bullish for commodities.
A successful test of the resistance at $2065 – $2075 will open the way to the test of the $2100 level.
Silver
Silver is mostly flat as gold/silver ratio moved back above the 85.00 level.
From the technical point of view, silver stays above the $24.00 level, so it has a good chance to gain momentum and move towards the resistance at $25.00 – $25.30.
Platinum
Platinum tested new highs and made an attempt to settle above the key resistance at $990 – $1000.
A move above this level will provide platinum with an opportunity to gain strong 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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