Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As ECB Cuts Rates

Gold

Gold tested historic highs after ECB cut the interest rate from 4.25% to 3.65%. Analysts also expect that Fed will start the new rate cut cycle next week, which is bullish for gold and other precious metals.

If gold settles above the $2550 level, it will head towards the $2600 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum.

Silver

Silver rallied as gold/silver ratio pulled back towards the 85.50 level.

A move above the $30.00 level will open the way to the test of the resistance at $31.45 – $31.75.

Platinum

Platinum gained strong upside momentum amid broad rally in precious metals markets.

A successful test of the resistance at $975 – $985 will open the way to the test of the next resistance level at $1020 – $1030.

For a look at all of today’s economic events, check out our economic calendar.