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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As Bullish Trend Stays Strong
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Key Points:
- Gold made an attempt to settle above $2440.
- Silver pulled back as gold/silver ratio moved towards the 79 level.
- Platinum is losing some ground as traders react to the disappointing economic data from China.
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.
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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