Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs As Traders Bet On Dovish Fed

Gold

Gold tests new highs as rally continues. Traders prepare for the start of the Fed rate cut cycle, which is bullish for gold and other precious metals.

If gold stays above the $2450 level, it will move towards the $2500 level. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum.

Silver

Silver continues its attempts to settle above $31.20 amid rising demand for precious metals.

A move above $31.20 will push silver towards the resistance at $32.25 – $32.50.

Platinum

Platinum stays-range bound as traders focus on recent economic data from China, which indicated that the country’s economic growth missed expectations.

The technical picture remains unchanged as platinum needs to get out of the current trading range to have a chance to gain sustainable momentum.

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