Gold, Silver, Platinum Forecasts – Gold Gains Ground In Quiet Trading

Vladimir Zernov
Published: May 8, 2024, 17:14 GMT+00:00

Key Points:

  • Gold settled above the $2310 level.
  • Silver moved towards the $27.50 level as gold/silver ratio declined towards 84.50.
  • Platinum managed to rebound from session lows.
Gold, Silver, Platinum Forecasts

In this article:


Gold 080524 Daily Chart

Gold gains some ground as traders wait for catalysts. Treasury yields are moving higher, but this move does not put pressure on gold markets.

From a big picture point of view, gold continues consolidation above the nearest support, which is located in the $2295 – $2305 range.


Silver 080524 Daily Chart

Silver moved higher as gold/silver ratio pulled back towards the $84.50 level. Silver is trying to get to the test of the resistance at $27.75 – $28.00.

If silver climbs above the $28.00 level, it will head towards the next resistance at $28.75 – $29.00.


Platinum 080524 Daily Chart

Platinum rebounded from session lows as traders used the pullback as an opportunity to increase their long positions.

A successful test of the resistance at $975 – $985 will push platinum towards the next resistance at $1010 – $1020.

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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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