Institution: Precious metals are expected to make a breakthrough, with gold, silver, and platinum both rising
On September 12th, analyst Vladimir Zernov wrote that precious metals are expected to make a breakthrough, and the prices of gold, silver, and platinum will rise.
Zernov stated that precious metals have shown strong performance, driven by the dovish stance of the central bank, with gold prices rising and silver approaching the $30 level, while platinum testing the key resistance level of $980.
Zernov wrote, "After the European Central Bank lowered interest rates from 4.25% in July to the current 3.50%, gold tested historical highs. Analysts also expect the Federal Reserve to launch a new round of rate cuts next week, which is beneficial for gold and other precious metals
Zernov believes that if the gold price stabilizes above $2550 per ounce, it will test $2600. RSI is still in the moderate range, so there is enough space to gain power.
Speaking of silver, Zernov pointed out that as the gold/silver ratio falls back to the 85.50 level, this gray metal is rising. If silver breaks through the level of $30.00, it will pave the way for testing resistance levels between $31.45 and $31.75.
Benefiting from the general rise in the precious metal market, platinum has also shown a strong upward trend.
Zernov said, "If platinum successfully breaks through the resistance level of $975-985 per ounce, it will pave the way for testing the next resistance zone of $1020-1030
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