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Gold, Silver, Platinum Forecasts – Gold Gains Ground Amid Rising Demand For Safe-Haven Assets

By:
Vladimir Zernov
Published: Jan 12, 2024, 17:38 UTC

Rising tensions in the Middle East provided material support to gold and silver markets.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold made an attempt to settle above the $2050 level, supported by rising tensions in the Middle East and falling Treasury yields. 
  • Silver gained ground as gold/silver ratio declined. 
  • Platinum pulled back as China’s inflation reports showed that the country’s economy remained under pressure.

Gold

Gold
Gold 120124 Daily Chart

Gold gains ground amid rising demand for safe-haven assets. U.S. delivered strikes against Houthis, which attacked ships in Red Sea, so traders worry about additional escalation in the Middle East.

From the technical point of view, gold remains in the range between the support at $2015 and the resistance at $2075.

Silver

Silver
Silver 120124 Daily Chart

Silver made an attempt to settle above the $23.50 level as gold/silver ratio pulled back towards the 88 level.

If silver settles above the resistance at $23.40 – $23.60, it will move towards the next resistance at $24.30 – $24.50.

Platinum

Platinum
Platinum 120124 Daily Chart

Platinum  remains under pressure amid worries about the health of Chinese economy. Today’s reports showed that China’s Inflation Rate increased from -0.5% to -0.3%, which indicates that the country suffers from deflation.

A move below the $910 level will push platinum towards the next support level at $880 – $890.

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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