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Gold, Silver, Platinum Forecasts – Gold Tests $2400 As Rally Continues
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Key Points:
- Gold gained ground amid rising geopolitical tensions.
- Silver moved above $28.50 as gold/silver ratio declined towards 83.50.
- Platinum made an attempt to settle below the $925 level.
Gold
Gold made an attempt to settle above the $2400 level as demand remained strong amid rising geopolitical tensions.
In case gold settles above $2400, it will gain additional upside momentum and head towards the $2450 level.
Silver
Silver rallied as gold/silver ratio pulled back towards the 83.50 level. From a big picture point of view, it looks that gold/silver ratio stabilized below 85, which is bullish for silver.
A successful test of the nearest resistance at $28.70 – $28.90 will open the way to the test of the next resistance at $29.70 – $30.00.
Platinum
Platinum tested new lows as the pullback continued. Demand worries serve as the key bearish catalyst for platinum markets.
A move below the $925 level will push platinum towards the support at $870 – $880.
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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