What would $3,000 oz do to Casino value ? Precious metals brace for breakouts with gold, silver and platinum on the move – FX Empire’s Zernov
Kitco News
(Kitco News) – Precious metals are on the move on Thursday afternoon, with gold rallying on central bank dovishness while silver nears the $30 level and platinum tests key resistance at $980, according to analyst Vladimir Zernov at FX Empire.
“Gold tested historic highs after ECB cut the interest rate from 4.25% to 3.65%,” Zernov wrote. “Analysts also expect that Fed will start the new rate cut cycle next week, which is bullish for gold and other precious
Zernov said that if gold settles above $2,550 per ounce, it will make a run at the $2,600 level. “RSI remains in the moderate territory, so there is plenty of room to gain momentum,” he added.
Turning to silver, Zernov noted that the gray metal is rallying as the gold/silver ratio pulls back towards the 85.50 level. “A move above the $30.00 level will open the way to the test of the resistance at $31.45 – $31.75,” he“A successful test of the resistance at $975 – $985 will open the way to the test of the next resistance level at $1020 – $1030,” Zernov said.
At the time of writing gold prices continue to trade just off session highs, with spot gold last trading at $2556.72 per ounce for a gain of 1.80%, while spot silver trades within 15 cents of the $30 per ounce level for a gain of 3.95%.
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