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Gold, Silver, Platinum Forecasts – Gold Rallies As Dollar Tests New Lows

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Key Insights

  • Gold moved towards the $2040 level as traders focused on the weakness of the American currency.
  • Silver climbed towards the $25.00 level. 
  • Platinum is trying to settle above the key resistance at $925 – $935.

Gold

Gold 281123 Daily Chart

Gold tests new highs as traders focus on the weakness of the U.S. dollar, which has recently moved to multi-month lows against a broad basket of currencies.

From the technical point of view, gold moved above the resistance at $2015 – $2025 and is heading towards the next resistance level, which is located in the $2055 – $2065 range.

Silver

Silver 281123 Daily Chart

Silver moved towards the $25.00 level as the strong rally continued. Gold/silver ratio remains stuck below the 82 level, which is bullish for silver.

RSI has recently moved into the overbought territory, but there is enough room to gain additional upside momentum.

Platinum

Platinum 281123 Daily Chart

Platinum continues its attempts to settle above the strong resistance at $925 – $935 amid a broad rally in precious metals markets.

If platinum stays above the $935 level, it will head towards the next resistance, which is located in the $990 – $1000 range.

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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