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Gold, Silver, Platinum Forecasts – Gold Rallies Amid Rising Demand For Safe-Haven Assets
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Key Points:
- Gold moved towards the $2700 level as traders focused on the dynamics of U.S. equity markets.
- Silver is trying to settle above the $30.50 level as demand for precious metals increased.
- Platinum tests multi-week highs near the $985 level.
Gold
Gold tests new highs amid sell-off in U.S. equity markets. Rising demand for safe-have assets provides material support to gold and other precious metals.
A successful test of the resistance at $2675 – $2685 opens the way to the test of the next resistance level at $2715 – $2725.
Silver
Silver gains ground as gold/silver ratio pulled back below the 88.50 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
A move above the 50 MA at $30.63 will push silver towards the resistance level at $31.45 – $31.75.
Platinum
Platinum tests resistance at $975 – $985 amid broad rally in precious metals markets.
If platinum settles above the $985 level, it will head towards the next resistance at $1020 – $1030.
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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