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

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Published: Jan 30, 2025, 17:47 GMT+00:00

Traders bet that central banks will stay dovish, which is bullish for gold and other precious metals.

Gold

Gold 300125 Daily Chart

Gold tests new highs as traders stay bullish after the release of the weaker-than-expected U.S. GDP Growth Rate report. ECB cut the interest rate to 2.9% and sent a dovish signal, providing additional support to gold and other precious metals.

A move above the $2800 level will push gold towards the $2850 level. RSI remains in the moderate territory, which is bullish for gold.

Silver

Silver 300125 Daily Chart

Silver tests resistance at $31.45 – $31.75 as gold/silver ratio declined towards the 88.50 level.

A move above $31.75 will open the way to the test of the next resistance at $32.75 – $33.00.

Platinum

Platinum 300125 Daily Chart

Platinum moved above the resistance at $975 – $985 and gained strong upside momentum.

If platinum settles above the $1010 level, it will get 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.

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.