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Gold, Silver, Platinum Forecasts – Gold Rebounds As Traders Stay Bullish
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Key Points:
- Gold gains ground as traders buy the dip.
- Silver is flat as gold/silver ratio moved above the 81 level.
- Platinum did not manage to gain strong upside momentum despite the rally in palladium markets.
Gold
Gold rebounded as traders used the recent pullback as an opportunity to increase their long positions.
The trend stays bullish as gold has quickly managed to rebound after the pullback.
Silver
Silver is mostly flat as gold/silver ratio climbed above the 81 level. Falling Treasury yields did not provide sufficient support to silver markets.
From the technical point of view, silver needs to settle above the resistance at $34.00 – $34.20 to gain additional momentum.
Platinum
Platinum tested new highs but did not manage to gain momentum despite the major rally in palladium markets. Palladium is up by 9% amid reports indicating that G7 may consider sanctions on Russian palladium.
A move above the $1030 level will push platinum towards the next resistance at $1080 – $1090.
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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