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Gold, Silver, Platinum Forecasts – Gold Climbed Above $2500 As Dollar Pulled Back
By:
Key Points:
- Gold gained ground as traders focused on weaker dollar and falling Treasury yields.
- Silver made an attempt to settle above the resistance at $28.75 - $29.00.
- Platinum gained 2% as traders bought the dip.
In this article:
Gold
Gold tested resistance at $2520 – $2530 as U.S. dollar pulled back after the release of the weaker-than-expected ADP Employment Change report.
A move above the $2530 level will open the way to the test of historic highs near the $2550 level.
Silver
Silver continues to rebound as gold/silver ratio pulled back below the 87.50 level.
If silver climbs above the resistance at $28.75 – $29.00, it will head towards the next resistance level, which is located in the $31.45 – $31.75 range.
Platinum
Platinum gains ground amid rising demand for precious metals. Traders use the recent pullback as an opportunity to increase their long positions.
The nearest resistance level for platinum is located in the $935 – $940 range. A move above the $940 level will push platinum towards the next resistance at $975 – $985.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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