Gold, Silver, Platinum Forecasts – Gold Retreats On Profit-Taking

By:

Vladimir Zernov

Published: Apr 17, 2024, 17:19 UTC

Key Points:

Gold pulled back towards the $2370 level.
Silver moved higher as gold/silver ratio settled back below the 84 level.
Platinum tested new lows amid demand worries.

Gold

Gold 170424 Daily Chart

Gold pulled back after an unsuccessful attempt to settle above the $2400 level. Traders continue to take some profits off the table near record highs.

RSI remains in the overbought territory, highlighting the risks of a material pullback.

Silver

Silver 170424 Daily Chart

Silver gained some ground as gold/silver ratio pulled back below the 84 level.

From the technical point of view, silver remains range-bound between the support at $27.75 – $28.00 and the resistance at $28.70 – $28.90.

Platinum

Platinum 170424 Daily Chart

Platinum continued to move lower as traders worried about the strength of demand in China.

Platinum managed to settle below the $950 level and is moving towards the nearest support at $925 – $935.

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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.