Gold, Silver, Platinum Forecasts Following ECB Rate Reductions
Gold Forecast: Historic Highs after ECB Rate Cut
Gold has recently tested historic highs after the ECB reduced the interest rate from 4.25% to 3.65%. This bullish trend indicates that if gold settles above $2550, it could rise towards the $2600 mark. The Relative Strength Index (RSI) remains in moderate territory, suggesting ample room for momentum gains.
Silver Forecast: Rallying Momentum
Silver also saw a positive trajectory as the gold/silver ratio pulled back to around 85.50. A breakthrough above the $30.00 level is anticipated to test additional resistance at $31.45 to $31.75.
Platinum Forecast: Strong Upside Momentum
Platinum has gained considerable momentum as well, amid a broad rally in the precious metals market. A successful test of resistance levels between $975 and $985 could open the path to the $1020 to $1030 range. Stay tuned for more updates and consider checking our economic calendar for detailed insights.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.