Gold, Silver, Platinum Forecasts – Gold Rebounds Amid Rising Tensions In The Middle East

By:

Vladimir Zernov

Published: May 6, 2024, 17:21 GMT+00:00

Key Points:

Gold climbed back above the $2320 level.
Silver gained 3% as gold/silver ratio declined below 85.
Platinum was mostly flat in choppy trading.

Gold

Gold 060524 Daily Chart

Gold rebounds as traders focus on rising tensions in the Middle East. Israel may soon begin its operation against Hamas in Rafah, which is bullish for gold markets.

If gold climbs above the $2350 level, it will head towards the next resistance at $2390 – $2400.

Silver

Silver 060524 Daily Chart

Silver rallied as gold/silver ratio declined below the 85 level. From the technical point of view, silver remains stuck in a range between the support at $26.00 – $26.30 and the resistance at $27.75 – $28.00.

If silver moves above the $28.00 level, it will head towards the next resistance at $28.75 – $29.00.

Platinum

Platinum 060524 Daily Chart

Platinum is swinging between gains and losses as some traders prefer to take profits after the recent rebound.

If platinum settles back below the $950 level, it will head towards the nearest support, which is located in the $925 – $935 range.

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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.