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Gold, Silver, Platinum – Gold Tests New Highs Amid Rising Demand For Safe-Haven Assets
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Gold and silver gained upside momentum as traders focused on the potential banking crisis in Europe.
Key Insights
- Gold is heading towards the $1930 level.
- Silver made an attempt to settle above the $22.00 level.
- Platinum tested support at the 20 EMA at $965.
Gold
Gold tested new highs amid rising demand for safe-haven assets. Traders worry about a potential banking crisis in Europe. The sharp drop in Treasury yields has also provided support to gold markets.
Silver
Silver has recently made an attempt to settle above the $22.00 level. Silver has enjoyed a strong rebound from yearly lows, but it remains to be seen whether it will be able to gain additional momentum if markets remain worried about the potential banking crisis.
Platinum
Platinum tested the 20 EMA at $965 amid demand worries. Platinum is dependent on industrial demand which could be hurt if banks’ problems are not resolved.
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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