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Gold, Silver, Platinum Forecasts – Gold Is Mostly Flat After Yesterday’s Sell-Off

By:
Vladimir Zernov
Published: Jul 9, 2024, 17:28 GMT+00:00

Key Points:

  • Gold settled near the $2360 level as traders reacted to Powell's comments.
  • Silver did not manage to settle above the resistance at $30.90 - $31.20.
  • Platinum tested support at $975 - $985.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 090724 Daily Chart

Gold gains some ground after yesterday’s sell-off. Rising Treasury yields and stronger dollar did not put pressure on gold markets today.

In case gold manages to settle above the $2370 level, it will head towards the resistance, which is located near recent highs at $2390 – $2400.

Silver

Silver
Silver 090724 Daily Chart

Silver continues its attempts to settle above the resistance at $30.90 – $31.20 as gold/silver ratio stays near the 76.50 level.

A move above $31.20 will push silver towards the next resistance at $32.25 – $32.50.

Platinum

Platinum
Platinum 090724 Daily Chart

Platinum remains under pressure as traders focus on the strong sell-off in palladium markets, which are down by 3.3% today.

A move below the $975 level will push platinum towards the support at $930 – $940.

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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