Gold Price Forecast: Eyes on $3500 Resistance
Gold prices surged above 3400perounce∗∗, ∗∗3400perounce∗∗ယ ∗∗MayDayholiday∗∗, 400, the next key resistance level sits at 3490–3490–3500, near historic highs.
Key Drivers for Gold’s Rally:
- Post-holiday demand from Chinese buyers
- Safe-haven appeal amid economic uncertainty
- Potential Fed rate cut speculation supporting bullion
Silver Price Forecast: Testing $33.20 Resistance
Silver followed gold’s upward trend, gaining 1.27% to trade near 32.92∗∗.
Why Silver is Gaining Momentum:
- Strong correlation with gold
- Industrial demand optimism
- Technical breakout potential
Platinum Price Forecast: Breaks $970 Amid Precious Metals Rally
Platinum jumped 2.24%, surpassing $970 as demand for precious metals increased. With the Relative Strength Index (RSI) still in moderate territory, platinum has room for further upside if bullish catalysts emerge.
Factors Supporting Platinum’s Rise:
- Broader precious metals rally
- Automotive sector demand (used in catalytic converters)
- Undervalued compared to gold and silver
What’s Next for Precious Metals?
- Gold: A sustained hold above 3400∗∗couldpushpricestoward∗∗3400∗∗couldpushpricestoward∗∗3500.
- Silver: A close above 33.20∗∗maytriggeraruntoward∗∗33.20∗∗maytriggeraruntoward∗∗34.60.
- Platinum: Watch for a test of $1000 if momentum continues.
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