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Gold, Silver, Platinum Forecasts – Gold Tests New Highs Amid Rising Geopolitical Tensions

By:
Vladimir Zernov
Published: Oct 18, 2023, 18:06 GMT+00:00

Demand for safe-haven assets stays strong, which is bullish for gold and silver.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold rallied above the $1950 level as demand for safe-haven assets remained strong. 
  • Silver made an attempt to settle above the $23.00 level. 
  • Platinum pulled back as traders focused on rising Treasury yields. 

Gold

Gold
Gold 181023 Daily Chart

Gold moved above the $1950 level as traders focused on rising demand for safe-haven assets.

In case gold stays above the $1950 level, it will head towards the resistance at $1975 – $1985.

Silver

Silver
Silver 181023 Daily Chart

Silver tested new highs as the strong rebound continued. The challenging situation in the Middle East provides support to precious metals as traders search for safe-haven assets.

RSI remains in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

Platinum

Platinum
Platinum 181023 Daily Chart

Platinum pulled back as Treasury yields continued to move higher. Platinum traders are worried that high interest rates will put too much pressure on the economy and hurt demand for platinum.

In case platinum declines below the $880 level, it will move towards the support at $835 – $845.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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