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Gold, Silver, Platinum Forecasts – Gold Rebounds From Multi-Week Lows As Dollar Pulls Back
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Key Points:
- Gold moved above the $2620 level as traders focused on falling Treasury yields.
- Silver is trying to settle back above the $29.50 level.
- Platinum moved above the $920 level as demand for precious metals increased.
Gold
Gold rebounded from recent lows as traders focused on U.S. PCE Price Index report, which missed analyst expectations.
A move above the $2630 level will push gold towards the $2650 level. If gold climbs above $2650, it will head towards the resistance at $2675 – $2685.
Silver
Silver is moving higher as traders focus on U.S. dollar’s pullback and falling Treasury yields.
If silver manages to climb back above the $29.50 level, it will head towards the psychologically important $30.00 level.
Platinum
Platinum gained some ground amid rising demand for precious metals. However, platinum did not manage to gain strong momentum.
From the technical point of view, platinum needs to settle above the resistance at $935 – $945 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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