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Gold, Silver, Platinum Forecasts – Gold Rebounds As Demand For Safe-Haven Assets Stays Strong
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Key Points:
- Gold managed to settle back above the $2350 level.
- Silver climbed above $28.50 as gold/silver ratio pulled back below 82.50.
- Platinum declined towards the $965 level.
Gold
Gold rebounds after the sell-off which was driven by profit-taking. Demand for safe-haven assets stays strong amid rising geopolitical tensions.
A move above the resistance at $2350 – $2360 will push gold towards the $2400 level.
Silver
Silver rallied as gold/silver ratio declined below the 82.50 level. From a big picture point of view, gold/silver ratio is moving towards November 2023 lows near the 80 level.
In case silver settles above the resistance at $28.70 – $28.90, it will head towards the next resistance level at $29.70 – $30.00.
Platinum
Platinum pulls back as traders continue to take profits after the unsuccessful attempt to settle above the $1000 level.
If platinum declines below $960, it will move towards the nearest support level, which is located in the $925 – $935 range.
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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