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Gold, Silver, Platinum Forecasts – Gold Tests New Highs As The Strong Rally Continues
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Key Points:
- Gold moved above the $2580 level amid rising demand for precious metals.
- Silver rallied towards the $31.00 level as gold/silver ratio declined below the 84.00 level.
- Platinum tested the psychologically important $1000 level.
In this article:
Gold
Gold tests new highs amid rising demand for precious metals. RSI is close to the overbought territory, but there is enough room to gain momentum in case the right catalysts emerge.
From the technical point of view, gold is moving towards the psychologically important $2500 level.
Silver
Silver rallies as gold/silver ratio pulled back below the 84.00 level. Traders focus on the strong performance of gold markets, which is bullish for silver.
A move above the $31.00 level, will push silver towards the resistance at $31.45 – $31.75.
Platinum
Platinum gains ground amid strong rally in precious metals markets. Palladium is up by 1.9%, which is bullish for platinum.
If platinum settles above the $1000 level, it will head towards the resistance at $1020 – $1030.
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 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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