On Wednesday (May 15), gold was moving towards the $2,400 level as traders bet that the Federal Reserve might start cutting interest rates earlier than previously anticipated; the gold/silver ratio fell to level 81, causing silver to move towards $30.00; platinum rose above $1,050. Fxempire independent trader and analyst Vladimir Zernov used long-term position trading and swing trading strategies to forecast gold, silver, and platinum trends.
Spot gold
Traders reacted to the US inflation report, which showed that the inflation rate fell from 3.5% in March to 3.4% in April. Traders are concerned that the inflation rate may rise. After the inflation data was released, the dollar and treasury bond yields fell, providing important support for the precious metals market, and gold rose.
If gold successfully breaks above the $2390-$2,400 resistance level, it will move towards the $2,450 level.
Spot silver
Silver tests new highs as traders focus on a weak dollar and falling treasury yields. Meanwhile, the gold/silver ratio fell back to the level of 81, which was beneficial to silver.
If silver breaks through the $29.50 level, it will move towards the psychological critical point of $30.00.
Spot platinum
Platinum gained more money against the backdrop of a general rise in the precious metals market.
The Relative Strength Index is in the overbought region, so the risk of a pullback is increasing. However, the weakening dollar may provide additional support to the platinum market in the short term.