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Gold, Silver, Platinum Forecasts – Gold Rallies As China Resumes Purchases
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Key Points:
- Gold climbed above the $2650 level as traders focused on China's gold purchases.
- Silver is trying to settle above the $32.00 level.
- Platinum gained 2% amid rising demand for precious metals.
Gold
Gold gains ground as China reported that it has started to buy gold for reserves again.
A successful test of the resistance at $2675 – $2685 will open the way to the test of the next resistance level, which is located in the $2740 – $2750 range.
Silver
Silver rallied towards the $32.00 level as gold/silver ratio declined below the 83.50 level.
If silver stays above the $31.75 level, it will head towards the next resistance, which is located in the $34.00 – $34.25 range.
Platinum
Platinum made an attempt to settle above the $950 level amid rising demand for precious metals.
If platinum settles above $950, it will head towards the nearest resistance level at $975 – $985.
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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