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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Traders Focus On Middle East
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Key Points:
- Gold settled above the $3400 level as traders focused on Israel - Iran conflict.
- Silver was mostly flat in volatile trading.
- Platinum suffered a strong sell-off amid profit-taking.
Gold
Gold tested new highs as demand for safe-haven assets increased amid conflict between Israel and Iran.
If gold climbs above the $3450 level, it will move towards the resistance at $3490 – $3500.
Silver
Silver is mostly flat as gold/silver ratio climbed back above the 94.50 level, which was bearish for silver.
The technical picture remains bullish as silver managed to stay above the nearest support at $35.65 – $35.85.
Platinum
Platinum found itself under strong pressure as traders rushed to take profits off the table.
A successful test of the support at $1195 – $1200 will push platinum towards the next support level at $1140 – $1145.
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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