On Tuesday (June 18th), Fxempire independent trader and analyst Vladimir Zernov used long-term hold position trading and swing trading strategies to predict the trend of gold, silver and platinum. #Gold close#
He predicts that the price of gold will continue to consolidate above the support level of $2295-2305; Silver is trying to break through the level of $29.50. Platinum tested resistance between $975-985.
Gold
(Image source: fxempire)
Gold rose as traders focus on the decline in US Treasury yields. Overall, gold continued to consolidate above the support level of $2295-2305. The gold price needs to break above the 50 moving average ($2344) to have a chance of sustainable upward momentum in the short term.
Silver
(Image source: fxempire)
As the gold/silver ratio remains around 79, silver continues to try to break through the level of $29.50.
If the silver price stays above $29.50 consistently, it will touch the nearest resistance level, which is the range of $30.90-31.20.
Platinum
(Image source: fxempire)
Due to traders' betting on increased demand, the price of platinum continues to move away from recent lows.
Successfully testing the resistance level of $975-985 will pave the way for testing the next resistance level of $1010-1020.