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Gold, Silver, Platinum Forecasts – Gold Rallied Above The $3400 Level
By:
Key Points:
- Gold gains ground as traders focus on Fed policy outlook.
- Silver tests resistance at $33.00 - $33.20.
- Platinum climbed above the $970 level as demand for precious metals increased.
Gold
Gold rallies as Chinese investors get back to trading after a long May Day weekend.
In case gold stays above the $3400 level, it will move towards the resistance at historic highs at $3490 – $3500.
Silver
Silver is trying to settle above the resistance at $33.00 – $33.20 as traders react to the strong rally in gold markets.
In case silver settles above $33.20, it will move towards the next resistance at $34.40 – $34.60.
Platinum
Platinum moved above the $970 level amid rising demand for precious metals.
RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
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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