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Gold, Silver, Platinum Forecasts – Gold Tests Key Resistance At $2190 – $2200
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Key Points:
- Gold is moving higher as traders focus on falling Treasury yields.
- Silver gained ground after an unsuccessful attempt to settle below the $24.40 level.
- Platinum tested support at $880 - $890.
Gold
Gold tests resistance at $2190 – $2200 as Treasury yields pull back. Demand from central banks stays strong, and gold has a good chance to climb above the $2200 level.
RSI is close to the overbought territory, but there is enough room to gain momentum in the upcoming trading sessions.
Silver
Silver rebounds from weekly lows as traders focus on gold markets. If gold settles above the $2200 level, silver will get additional support.
From the technical point of view, silver found support in the $24.40 – $24.60 range and is trying to gain additional upside momentum.
Platinum
Platinum pulled back as traders remained worried about demand for the metal. Palladium markets are down by 1.2%, which is also bearish for platinum.
The support at $880 – $890 is strong, so platinum needs additional negative catalysts to move lower.
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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