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Gold, Silver, Platinum Forecasts – Gold Stays Above $2500 As Traders Wait For Catalysts
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Key Points:
- Gold rebounded from session lows, supported by U.S. dollar's pullback.
- Silver settled near the $29.50 level as gold/silver ratio pulled back.
- Platinum tested weekly highs amid rising demand for precious metals.
In this article:
Gold
Gold made an attempt to settle back below the $2500 level amid profit-taking, but quickly moved back as demand for precious metals remained strong.
From the technical point of view, gold needs to settle above the resistance at $2520 – $2530 to gain additional upside momentum.
Silver
Silver gained some ground as gold/silver ratio pulled back towards the 85.00 level.
In case silver manages to climb above the $30.00 level, it will move towards the nearest resistance at $31.40 – $31.75.
Platinum
Platinum moved higher as traders shrugged off worries about China’s economic problems and focused on falling Treasury yields.
A successful test of the resistance at $975 – $985 will push platinum towards the next resistance level at $1020 – $1030.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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