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Gold, Silver, Platinum Forecasts – Gold Rebounds As Dollar Moves Lower
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Key Points:
- Gold found strong support above the $3000 level.
- Silver rallied above $33.50 as gold/silver ratio pulled back.
- Platinum gained ground amid rising demand for precious metals.
Gold
Gold rebounds as traders react to U.S. dollar’s pullback. At this point, the rebound is not strong, and it looks that gold needs additional positive catalysts to gain momentum.
If gold settles back above the $3025 level, it will move towards the nearest resistance at $3050 – $3060.
Silver
Silver rallied as gold/silver ratio pulled back below the psychologically important 90 level.
A move above the $34.00 level will open the way to the test of the resistance level at $34.60 – $34.85.
Platinum
Platinum rebounds as traders take some profits off the table after the strong pullback.
From the technical point of view, platinum needs to settle back above the resistance at $980 – $985 to have a chance to gain sustainable upside momentum in the near term.
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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