Gold, silver, and platinum are steadily rising, where is the next resistance zone?
FX Empire analyst Vladimir Zernov stated that after China introduced industry support measures, precious metal prices have risen strongly, with gold reaching a historic high, while silver and platinum continue their recent strength.
Zernov predicts that if the gold price can break through the level of $2650, it will rise towards $2700. But he warned that RSI is in the overbought zone, so the risk of a pullback in gold prices is increasing.
The price of gold is currently fluctuating at a high level, trading at $2663.12.
Speaking of silver, Zernov pointed out that this gray metal is also challenging the upper limit of resistance levels, and traders are betting that China's latest round of stimulus measures will boost its industrial demand.
He said, "If the silver price breaks through the resistance level of $31.45 to $31.75, it will move towards the next resistance level, which is the range of $34.00 to $34.25
At present, silver has broken through the resistance of $31.75 and is trading around $32.06, with the potential to continue rising.
Against the backdrop of a general rise in the precious metal market, platinum has also risen, and is also benefiting from China's stimulus measures that will drive industry expectations for platinum demand.
Zernov said, "If platinum successfully breaks through the resistance level of $975-985, it will pave the way for testing the next resistance level of $1020-1030
Daily chart of spot gold
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