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Gold, Silver, Platinum Forecasts – Gold Is Heading Towards $2400 Amid Rising Tensions In The Middle East

By:
Vladimir Zernov
Published: Apr 16, 2024, 17:18 GMT+00:00

Key Points:

  • Gold gains ground as traders focus on the situation in the Middle East.
  • Silver pulled back as gold/silver ratio climbed above 84.50.
  • Platinum declined towards the $960 level.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 160424 Daily Chart

Gold is moving towards the $2400 level as traders focus on tensions in the Middle East.

If gold climbs above the $2400 level, it will head towards the recent highs near $2430.

Silver

Silver
Silver 160424 Daily Chart

Silver pulls back as gold/silver ratio rebounded above the 84.50 level. Profit-taking may have served as a material catalyst for silver’s pullback in today’s trading session.

From the technical point of view, silver settled between the support at $27.75 – $28.00 and the resistance at $28.70 – $28.90.

Platinum

Platinum
Platinum 160424 Daily Chart

Platinum is moving lower as traders focus on the strong pullback in palladium markets, which are down by 2.4%.

A move below the $960 level will open the way to the test of the support at $925 – $935.

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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