Gold, Silver, Platinum Forecasts – Gold Gains Ground After Powell’s Comments

FXEmpire.com -

Gold

Gold moved above the $2350 level as traders focused on Powell’s dovish comments and falling Treasury yields. Powell signaled that rates would likely stay at current levels for some time.

If gold stays above the $2350 level, it will head towards the nearest resistance at $2390 – $2400.

Silver

Silver made an attempt to settle above the $28.75 level as gold/silver ratio pulled back towards 82.50.

A move above the $29.00 level will provide silver with an opportunity to gain additional upside momentum.

Platinum

Platinum continues to move higher as traders bet that demand in China would grow, supported by stimulus measures.

If platinum stays above the resistance at $1010 – $1020, it will head towards the next resistance level at $1070 – $1080.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

• S&P 500 Price Forecast – S&P 500 Continues to Look For Higher Levels
• US Dollar (DXY) Index News: Plunging as Yields Tumble Following Tepid CPI Report
• USD/JPY Forecast – US Dollar Continues to See Buyers Despite Dip