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Gold, Silver, Platinum Forecasts – Gold Tested New Highs Despite Strong Dollar
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Key Points:
- Gold made an attempt to settle above the resistance at $2675 - $2685.
- Silver remained stuck near the $30.00 level as gold/silver ratio moved above 88.50.
- Platinum moved lower amid profit-taking.
Gold
Gold is trying to settle above the resistance at $2675 – $2685 as traders ignore strong U.S. dollar.
A move above the $2685 level will push gold towards the resistance at $2715 – $2725.
Silver
Silver is mostly flat as gold/silver ratio climbed above the 88.50 level. Rising gold/silver ratio remains a key problem for silver bulls.
If silver settles back below the $30.00 level, it will head towards the nearest support, which is located in the $28.75 – $29.00 range.
Platinum
Platinum is losing ground as traders take some profits off the table after the strong rally.
From the technical point of view, platinum needs to climb above the resistance at $975 – $985 to gain additional upside momentum in the near term.
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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