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Gold, Silver, Platinum Forecasts – Gold Remains Stuck Near Historic Highs
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Key Points:
- Gold gained some ground as traders ignored overbought conditions.
- Silver tests resistance at $24.40 - $24.60 as traders stay bullish.
- Platinum tests monthly highs amid rising demand for precious metals.
Gold
Gold continues its attempts to settle above the $2200 level as market sentiment stays bullish.
RSI is in the overbought territory, so the risks of a pullback are increasing. However, a move above the $2200 level will provide gold with a chance to gain additional upside momentum.
Silver
Silver tests resistance at $24.40 – $24.60 as gold/silver ratio moved back towards the 89 level.
A successful test of the resistance at $24.40 – $24.60 will open the way to the test of the next resistance level at $25.75 – $26.00.
Platinum
Platinum tests new highs as demand for precious metals remains strong.
A move above the $935 level will push platinum towards the next resistance, which is located in the $975 – $985 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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