Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Bullish Trend Stays Strong

Gold

Gold tests new highs as traders stay bullish despite stronger dollar. From a big picture point of view, gold markets prepare to the test of the $2450 level.

A move above $2450 will provide gold with an opportunity to gain additional upside momentum.

Silver

Silver pulls back as gold/silver ratio is trying to settle above 79. If gold/silver ratio climbs above the 79 level, it will head towards the resistance near 80, which will be bearish for silver.

From the technical point of view, silver did not manage to settle above the resistance at $30.90 – $31.20 after multiple attempts to climb above this level. A move below $30.50 will push silver towards the 50 MA at $30.00.

Platinum

Platinum remains stuck in a range despite disappointing economic data from China.

Platinum needs to climb above the $1020 level to have a chance to gain upside momentum in the near term.

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