Traders bet that central banks will stay dovish, which is bullish for gold and other precious metals.
Gold tests new highs as traders stay bullish after the release of the weaker-than-expected U.S. GDP Growth Rate report. ECB cut the interest rate to 2.9% and sent a dovish signal, providing additional support to gold and other precious metals.
A move above the $2800 level will push gold towards the $2850 level. RSI remains in the moderate territory, which is bullish for gold.
Silver tests resistance at $31.45 – $31.75 as gold/silver ratio declined towards the 88.50 level.
A move above $31.75 will open the way to the test of the next resistance at $32.75 – $33.00.
Platinum moved above the resistance at $975 – $985 and gained strong upside momentum.
If platinum settles above the $1010 level, it will get to the test of the next resistance level at $1020 – $1030.
For a look at all of today’s economic events, check out our economic calendar.
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.