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Gold, Silver, Platinum Forecasts – Gold Tests Key Resistance As Dollar Pulls Back
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Key Points:
- Gold is trying to settle above the resistance level at $2775 - $2785.
- Silver remains stuck below the $31.00 level.
- Platinum climbed above $960 amid rising demand for precious metals.
Gold
Gold tested new highs as traders reacted to U.S. dollar’s pullback and bet on dovish Fed.
If gold manages to settle above the resistance at $2780 – $2790, it will gain additional upside momentum and move above the psychologically important $2800 level.
Silver
Silver tested the $31.00 level but lost momentum and pulled back. Gold/silver ratio remains above the 90 level, which is bearish for silver.
If silver declines below the 50 MA at $30.40, it will head towards the support level at $28.75 – $29.00.
Platinum
Platinum gained ground amid rising demand for precious metals. U.S. dollar’s pullback and falling Treasury yields provided additional support to platinum in today’s trading session.
If platinum stays above the $960 level, it will get to the test of the resistance level 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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