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Gold, Silver, Platinum Forecasts – Gold Tests Multi-Week Highs
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Key Points:
- Gold is trying to settle above the $2670 level.
- Silver settled above the $30.00 level and attempts to gain additional upside momentum.
- Platinum climbed towards the nearest resistance at $975 - $985.
Gold
Gold gains ground as demand for precious metals continues to increase. U.S. dollar moved towards yearly highs, but this move did not put pressure on gold markets.
In case gold settles above the resistance at $2675 – $2685, it will head towards the next resistance level at $2715 – $2725.
Silver
Silver is moving higher, supported by the strong performance of gold markets. However, gold/silver ratio moved back above the 88 level, which is worrisome for the bulls.
If silver stays above the $30.00 level, it will move towards the 50 MA at $30.78.
Platinum
Platinum tests new highs as the strong rebound continues amid rising demand for precious metals.
A successful test of the resistance at $975 – $985 will push platinum towards the next resistance level 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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