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Gold (XAUUSD), Silver, Platinum Forecasts – Silver Tests Multi-Year Highs As Rally Continues
By:
Key Points:
- Gold settled below the $3400 level.
- Silver tested new highs as gold/silver ratio pulled back.
- Platinum gained ground as rebound continued.
Gold
Gold is mostly flat as U.S. dollar gains ground against a broad basket of currencies.
From the technical point of view, gold needs to settle above the $3400 level to gain upside momentum in the near term.
Silver
Silver rallies as gold/silver ratio pulled back below the 91.50 level. Traders bet that gold/silver ratio will move below the 90 level.
A successful test of the resistance at $37.30 – $37.50 will open the way to the test of the next resistance level at $38.50 – $38.70.
Platinum
Platinum continues to rebound as traders stay bullish despite stronger dollar.
A move above the resistance level at $1275 – $1280 will push platinum towards the resistance level 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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