Gold, Silver, Platinum Forecasts – Dollar’s Pullback Provides Support To Precious Metals
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Key Insights
- Gold gained some ground but failed to climb above the $2050 level.
- Silver made an attempt to settle above $24.50.
- Platinum moved higher as demand for precious metals increased.
Gold
Gold gains ground as U.S. dollar retreats after the disappointing U.S. GDP Growth Rate report.
If gold climbs above the $2050 level, it will head towards the resistance at $2065 – $2075.
Silver
Silver tested new highs as gold/silver ratio remained stuck below the 84.00 level.
In case silver manages to settle above today’s highs at $24.49, it will move towards the resistance at $25.00 – $25.30.
Platinum
Platinum moved higher amid rising demand for precious metals. Palladium prices were up by 1.3% today, providing additonal support to platinum.
From the technical point of view, platinum is heading towards the nearest resistance at $990 – $1000.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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