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Gold, Silver, Platinum Forecasts – Gold Rallied Above $2750
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Key Points:
- Gold is moving higher as traders stay bullish despite rising Treasury yields.
- Silver did not manage to settle above the $31.00 level due to rising gold/silver ratio.
- Platinum continued its attempts to settle above the $960 level.
Gold
Gold tested new highs as the rally continued. Traders ignored rising Treasury yields and stronger dollar.
If gold stays above the $2750 level, it will move towards the nearest resistance level at $2780 – $2790.
Silver
Silver made an attempt to settle above the $31.00 level but lost momentum and pulled back as gold/silver ratio climbed towards the 89.50 level.
If silver settles back below the 50 MA at $30.39, it will head towards the support level at $28.75 – $29.00.
Platinum
Platinum continues to move higher amid rising demand for precious metals. The strong rally in palladium markets provided additional support to platinum.
A move above the $960 level will open the way to the test of the next resistance level at $975 – $980.
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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