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Gold, Silver, Platinum Forecasts – Gold Stays Flat As Traders Wait For Catalysts
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Key Points:
- Gold continues its attempts to settle above the resistance at $2015 - $2025.
- Silver slipped below the $23.00 level as gold/silver ratio continued to rebound.
- Platinum tested support at $880 - $890.
Gold
Gold is trying to settle above the resistance at $2025 as traders wait for the release of FOMC Minutes, which will likely have a material impact on precious metals markets.
A successful test of the resistance at $2015 – $2025 will push gold towards the next resistance level at $2065 – $2075.
Silver
Silver is losing ground as gold/silver ratio climbed above the 88.50 level. The volatility of gold/silver ratio remains the key driver for silver.
If silver stays below the $23.00 level, it will head towards the strong support in the $22.25 – $22.50 range.
Platinum
Platinum tests support at $880 – $890 as traders focus on the strong sell-off in palladium markets.
A move below the $880 level will open the way to the test of the next support at $840 – $850.
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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