On Tuesday (May 7), the price of gold fell, and traders were concerned about the rebound of the dollar; silver failed to stabilize the $27.50 mark; platinum tested the resistance level of $975-985. Fxempire independent trader and analyst Vladimir Zernov uses long-term position trading and swing trading strategies to forecast gold, silver, and platinum trends.
gold
Despite falling US Treasury yields, gold has retreated. From an overall perspective, gold continued to consolidate after the recent pullback.
The most recent support for gold is in the range of $2295-2305. A fall below $2,295 would push gold towards the support level of $2190-2200.
Shirogane
As traders watch for a pullback in the gold market, silver is losing ground. The gold/silver ratio fell below the 85 mark, which is good for silver.
If silver breaks through the $27.75-$28.00 resistance level, it will advance towards the next resistance level of $28.75-29.00.
Platinum
Platinum tests a new high as traders bet on rising demand in Asian countries.
Successful testing of the $975-$985 resistance level will push platinum towards the next resistance level of $1010-1020.