Gold, Silver, Platinum Forecasts – Gold Consolidates Near $2300 As Traders React To Non Farm Payrolls Data

By:

Vladimir Zernov

Published: May 3, 2024, 17:08 GMT+00:00

Key Points:

Gold made an attempt to settle below the $2280 level as the pullback continued.
Silver lost ground as gold/silver ratio moved towards the 87 level.
Platinum tested new highs as traders bet on stronger demand in China.

Gold

Gold 030524 Daily Chart

Gold settled near the $2300 level as traders reacted to the weaker-than-expected Non Farm Payrolls report and rising U.S. Unemployment Rate.

If gold manages to climb back above the $2305 level, it will head towards the $2350 level.

Silver

Silver 030524 Daily Chart

Silver is losing ground as gold/silver ratio rebounded towards the 87 level. However, silver did not manage to settle below the support at $26.00 – $26.30.

If silver settles back above the $26.50 level, it will head towards the resistance at $27.75 – $28.00.

Platinum

Platinum 030524 Daily Chart

Platinum tested new highs as the rebound continued amid expectations of stronger demand in China.

If platinum manages to settle above $960, it will head towards the resistance at $975 – $985.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.