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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Gains Ground As Dollar Tests Yearly Lows
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Key Points:
- Gold is moving towards the $3400 level.
- Silver is mostly flat in volatile trading.
- Platinum is heading towards the resistance at $1275 - $1285.
Gold
Gold moved higher as traders focused on U.S. dollar’s pullback. Traders also reacted to rising tensions in the Middle East, which was bullish for gold markets.
A move above the $3400 level will push gold towards the resistance, which is located in the $3490 – $3500 range.
Silver
Silver made an attempt to settle below the support level at $35.65 – $35.85 but lost momentum and climbed back above the $36.00 level.
If silver moves above the $36.50 level, it will head towards the resistance level at $37.30 – $37.50.
Platinum
Platinum managed to climb back above the $1250 level. The recent trade deal between U.S. and China serves as a major positive catalyst for platinum.
A successful test of the resistance at $1275 – $1280 will open the way to the test of the next resistance at $1335 – $1340.
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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