Gold, Silver, Platinum Forecasts – Gold Dives Below $2400 On Profit-Taking

Vladimir Zernov
Published: May 22, 2024, 17:42 GMT+00:00

Key Points:

  • Gold moved below the $2400 level as traders took profits near historic highs.
  • Silver pulled back towards $31.00 as gold/silver ratio rebounded to 76.50.
  • Platinum pulled back towards the $1040 level.
Gold, Silver, Platinum Forecasts

In this article:


Gold 220524 Daily Chart

Gold is under pressure as traders take profits off the table near historic highs.

In case gold settles below the support at $2390 – $2400, it will head towards the next support level, which is located in the $2295 – $2305 range.


Silver 220524 Daily Chart

Silver pulls back as gold/silver ratio rebounded towards the 76.50 level. The potential rebound of gold/silver ratio towards the low end of the previous range at 78.50 is the key risk for silver bulls.

If silver moves below the support at $30.90 – $31.20, it will head towards the next support level at $28.75 – $29.00.


Platinum 220524 Daily Chart

Platinum is losing ground amid a broad sell-off in precious metals markets.

If platinum declines below the recent lows at $1030, it will head towards the nearest support at $1010 – $1020.

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.

Did you find this article useful?