Gold, Silver, Platinum Forecasts: Market Trends Amid Dollar Decline
Gold, Silver, Platinum Forecasts: Market Trends Amid Dollar Decline
Gold continues to lead the commodities market as it tests historic highs, primarily driven by the U.S. dollar's pullback and declining Treasury yields.
According to the latest daily chart, the Relative Strength Index (RSI) for gold approaches overbought territory, indicating that some traders may begin consolidating profits near peak levels.
Silver Price Actions: Struggles Above $31.00
Silver managed a fleeting attempt at breaking through the $31.00 mark but struggled to maintain its momentum, leading to profit-taking.
If silver's price drops below $30.50, it may find itself targeting the psychologically significant $30.00 level.
Platinum Trends: Pullback After Strong Rebound
Meanwhile, platinum saw a pullback as traders realized gains after a solid recovery from early September lows. A trading drop below the $975 – $985 range could push platinum towards its 50-day moving average at $950.
For a look at all of today's economic events, check out our economic calendar.
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.