Forex traders: Gold prices need to break through the 50-day moving average to gain sustained upward momentum

foreign exchange documentary platform- On Tuesday (June 18), the price of gold continued to consolidate above the support level of $2295-2305; silver is trying to break through the level of $29.50. Platinum tests resistance at $975-985. Vladimir Zernov, an independent trader and analyst at Fxempire, uses long-term position trading and swing trading strategies to make predictions about the movement of gold, silver and platinum.

Spot gold

Gold rallied as traders focused on US Treasury yields falling back. Looking at the big picture, gold continued to consolidate above the $2,295-2,305 support level. Gold prices need to break through the 50 moving average ($2,344) to have any chance of gaining sustainable upward momentum in the short term.

Spot silver

Due to the gold/silver ratio remaining near 79, silver continues to attempt to break through the $29.50 level.

If the price of silver stabilizes above $29.50, it will hit the nearest resistance level, the $30.90-31 range.

spot platinum

Platinum prices continued to move off recent lows as traders bet that demand would grow.

A successful test of the resistance at $975-985 would pave the way for testing the next resistance at $1010-1020.

At 08:16 Beijing time, spot gold was quoted at 2329.50 US dollars/ounce. The above is the latest situation about gold price trading, if you are interested, you can continue to pay attentionForex Platformwww.daoctech.com。