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Gold, Silver, Platinum Forecasts – Gold Rebounds Towards The $2500 Level
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Key Points:
- Gold gained ground, supported by U.S. dollar's pullback and falling Treasury yields.
- Silver is trying to settle back above the $28.25 level.
- Platinum remains under pressure amid demand concerns.
Gold
Gold is trying to settle back above the $2500 level as traders react to the weaker-than-expected U.S. job market data.
A move above $2500 will push gold towards the nearest resistance at $2520 – $2530.
Silver
Silver gains ground as gold/silver ratio pulled back below the 88.50 level.
In case silver stays above the $28.00 level, it will head towards the resistance, which is located in the $28.75 – $29.00 range.
Platinum
Platinum remains under pressure amid worries about China’s economic problems. Falling Treasury yields and U.S. dollar’s pullback did not provide support to platinum markets.
A move below the support at $980 – $900 will provide platinum with an opportunity to gain additional downside momentum.
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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