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Gold, Silver, Platinum Forecasts – Gold Rebounds Above $2500 As Dollar Tests New Lows
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Key Points:
- Gold managed to climb back above the psychologically important $2500 level.
- Silver rallied as gold/silver ratio pulled back below 84.50.
- Platinum rebounded towards the $960 level.
Gold
Gold rebounded above the $2500 level as traders reacted to Powell’s dovish comments. The Fed is ready to start the rate cut cycle, which is bullish for precious metals.
A move above the resistance at $2520 – $2530 will push gold towards the next $2550 level.
Silver
Silver rallied as gold/silver ratio pulled back below the 84.50 level. Weak U.S. dollar and falling Treasury yields provided material support to silver markets.
In case silver manages to settle above the $30.00 level, it will move towards the next resistance at $31.40 – $31.75.
Platinum
Platinum moved back towards the $960 level amid broad rally in precious metals markets.
While platinum managed to gain upside momentum, the technical picture has not changed, and platinum stays range-bound.
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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