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Gold, Silver, Platinum Forecasts – Gold Gains Ground At The Start Of The Week

By:
Vladimir Zernov
Published: Dec 18, 2023, 18:00 GMT+00:00

Gold traders remain bullish as Fed is expected to start cutting rates in the first half of 2024.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold is trying to settle above the $2030 level. 
  • Silver pulled back below $24.00 as gold/silver ratio moved above 85.
  • Platinum settled above the $950 level as traders focused on the rally in palladium markets. 

Gold

Gold
Gold 181223 Daily Chart

Gold continues its attempts to settle above the resistance at $2015 – $2025 despite rising Treasury yields. Traders remain focused on dovish Fed, which is bullish for gold.

If gold settles above $2025, it will head towards the next resistance at $2065 – $2075.

Silver

Silver
Silver 181223 Daily Chart

Silver moved lower as gold/silver ratio settled back above the 85.00 level.

The nearest support for silver is located in the $23.40 – $23.60 range. A move below $23.40 will push silver towards the support at $22.25 – $22.50.

Platinum

Platinum
Platinum 181223 Daily Chart

Platinum gains ground as traders react to the continuation of the strong rally in palladium markets.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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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