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Gold, Silver, Platinum Forecasts – Dollar’s Pullback Provides Support To Precious Metals

By:
Vladimir Zernov
Published: Dec 21, 2023, 17:46 UTC

Precious metals are moving higher as traders react to the weaker-than-expected U.S. GDP Growth Rate report.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold gained some ground but failed to climb above the $2050 level. 
  • Silver made an attempt to settle above $24.50.
  • Platinum moved higher as demand for precious metals increased. 

Gold

Gold
Gold 211223 Daily Chart

Gold gains ground as U.S. dollar retreats after the disappointing U.S. GDP Growth Rate report.

If gold climbs above the $2050 level, it will head towards the resistance at $2065 – $2075.

Silver

Silver
Silver 211223 Daily Chart

Silver tested new highs as gold/silver ratio remained stuck below the 84.00 level.

In case silver manages to settle above today’s highs at $24.49, it will move towards the resistance at $25.00 – $25.30.

Platinum

Platinum
Platinum 211223 Daily Chart

Platinum moved higher amid rising demand for precious metals. Palladium prices were up by 1.3% today, providing additonal support to platinum.

From the technical point of view, platinum is heading towards the nearest resistance at $990 – $1000.

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

About the Author

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.

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