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Gold, Silver, Platinum Forecasts – Gold Gains Ground As Traders Stay Bullish Ahead Of U.S. Inflation Data

By:
Vladimir Zernov
Published: Jul 10, 2024, 17:27 GMT+00:00

Key Points:

  • Gold settled back above the $2370 level.
  • Silver moved lower as gold/silver ratio climbed above 77.
  • Platinum made an attempt to settle above the $1000 level.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 100724 Daily Chart

Gold gains ground as traders focus on falling Treasury yields and U.S. dollar’s pullback.

A successful test of the resistance at $2390 – $2400 will open the way to the test of the next resistance level at $2440 – $2450.

Silver

Silver
Silver 100724 Daily Chart

Silver pulls back as gold/silver ratio moved back above the 77 level. From the technical point of view, silver continues its attempts to settle above the resistance at $30.90 – $31.20.

In case silver moves above the $31.20 level, it will head towards the resistance at $32.25 – $32.50.

Platinum

Platinum
Platinum 100724 Daily Chart

Platinum is trying to rebound after the recent pullback. Palladium markets are moving higher, providing additional support to platinum.

Platinum received support in the $975 – $985 range and is trying to climb above the 50 MA at $1001. In case this attempt is successful, platinum will get to the test of the resistance 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.

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