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Gold, Silver, Platinum Forecasts – Gold Tests The $2590 Level
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Key Points:
- Gold moved back towards all-time high levels.
- Silver gained more than 3% as gold/silver ratio tested multi-week lows.
- Platinum rebounded after yesterday's pullback.
Gold
Gold tests resistance at $2580 – $2590 as traders focus on U.S. dollar’s pullback after Fed’s rate cut.
A move above the $2590 level will provide gold with an opportunity to gain additional upside momentum.
Silver
Silver rallied as gold/silver ratio pulled back below the 83.50 level. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.
A move above the nearest resistance at $31.45 – $31.75 will push silver towards yearly highs at $32.50.
Platinum
Platinum rebounds after yesterday’s pullback amid broad rally in precious metals markets.
In case 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, 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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