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Gold, Silver, Platinum Forecasts – Gold Is Flat In Volatile Trading

By:
Vladimir Zernov
Published: Jan 5, 2024, 17:48 UTC

Gold was swinging between gains and losses as traders reacted to U.S. jobs data.

Gold, Silver, Platinum Forecasts – Gold Is Flat In Volatile Trading

In this article:

Key Insights

  • Gold settled near the $2040 level as traders focused on the dynamics of the U.S dollar. 
  • Silver rebounded as gold/silver ratio pulled back towards 88.00.
  • Platinum moved higher after an unsuccessful attempt to settle below the $950 level. 

Gold

Gold
Gold 050124 Daily Chart

Gold is mostly flat in volatile trading. U.S. dollar found itself under pressure as traders reacted to Non Farm Payrolls data but managed to rebound from session lows, which was bearish for gold.

From the technical point of view, gold is stuck in a range between the support at $2025 and the resistance at $2065.

Silver

Silver
Silver 050124 Daily Chart

Silver moved higher as gold/silver ratio declined towards the 88.00 level. If gold/silver ratio settles back below the key 88.00 level, silver will gain additional momentum.

A move above the resistance at $23.40 – $23.60 will open the way to the test of the next resistance at $25.00 – $25.30.

Platinum

Platinum
Platinum 050124 Daily Chart

Platinum rebounds as traders use the strong pullback as an opportunity to initiate long positions at attractive levels.

In case platinum settles back above the $970 level, it will head towards the resistance at $990 – $1000.

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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