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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Bullish Sentiment Prevails
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Key Points:
- Gold settled above the resistance at $2750 - $2760 and gained additional upside momentum.
- Silver pulled back as gold/silver ratio moved above the 82 level.
- Platinum is down by 3.5% as traders focus on the sell-off in palladium markets.
Gold
Gold tests new highs as the strong rally continues. Traders focus on the upcoming U.S. elections, which is bullish for the safe-haven gold.
From the technical point of view, gold settled above the resistance at $2750 – $2760 and is moving towards the $2800 level.
Silver
Silver is losing ground as gold/silver ratio climbed back above the 82.00 level.
Silver did not manage to settle above the resistance at $34.00 – $34.25. In case silver pulls back below the $33.00 level, it may gain significant downside momentum.
Platinum
Platinum retreats as traders focus on the strong pullback in palladium markets, which are down by 5%.
If platinum stays below the $1020 level, it will head towards the support level at $975 – $985.
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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