Gold, Silver, Platinum Forecasts – Gold Tests Multi-Week Highs As Dollar Pulls Back

Key Insights

• Gold made an attempt to settle above the $2070 level as U.S. dollar moved lower against a broad basket of currencies. 
• Silver declined as gold/silver ratio climbed towards 84.50.
• Platinum moved closer to the key resistance at $990 – $1000.

Gold

Gold tested new highs as U.S. PCE Price Index declined from 2.9% in October to 2.6% in November. Inflation is slowing down, so Fed may start cutting rates soon.

In case gold manages to settle above the resistance at $2065 – $2075, it will head towards the $2100 level.

Silver

Silver pulled back as gold/silver ratio rebounded towards the 84.50 level.

Today’s pullback is likely driven by profit-taking as gold/silver ratio has quickly moved from 88 to the recent lows near 83.50, and some traders decided to take money off the table.

Platinum

Platinum tests new highs as demand for precious metals stays strong. Weak dollar provided additional support to platinum today.

RSI remains in the moderate territory, so platinum has a decent chance to settle above the strong resistance at $990 – $1000.

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