Gold, Silver, Platinum Forecasts – Gold Keeps Moving Higher As Dollar Pulls Back
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Key Insights
- Gold continued to move higher as traders focused on dovish Fed and weak dollar.
- Silver rallied as gold/silver ratio declined.
- Platinum gained strong upside momentum as traders paid attention to the major rally in palladium markets.
Gold
Gold gained more ground as U.S. dollar remained under strong pressure against a broad basket of currencies.
If gold stays above the $2025 level, it will head towards the next resistance at $2065 – $2075.
Silver
Silver moved higher amid a broad rally in precious metals markets. Gold/silver ratio pulled back below 84.50, providing additional support to silver markets.
If silver climbs above the $24.50 level, it will head towards the next resistance at $25.00 – $25.30.
Platinum
Platinum tested new highs as traders focused on the strong rally in palladium markets, which gained 12%.
From the technical point of view, platinum is moving towards the 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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