Gold Price Forecast: Eyes on $3500 Resistance
Gold prices surged above $3400 per ounce as Chinese investors returned to the market after the May Day holiday, fueling bullish momentum. If gold maintains its position above $3400, the next key resistance level sits at $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. The white metal is now testing a crucial resistance zone at $33.00–$33.20. A breakout above this level could propel silver toward the next target at $34.40–$34.60.
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 could push prices toward $3500.
Silver: A close above $33.20 may trigger a run toward $34.60.
Platinum: Watch for a test of $1000 if momentum continues.
