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Gold, Silver, Platinum Forecasts – Gold Prices Continue To Consolidate

By:
Vladimir Zernov
Published: Feb 28, 2024, 17:12 UTC

Key Points:

  • Gold managed to stay above the $2030 level.
  • Silver pulled back as gold/silver ratio tested new highs.
  • Platinum is trying to settle below the support at $880.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 280224 Daily Chart

Gold stays above the $2030 level, supported by falling Treasury yields. The broad pullback in precious metals markets did not put any pressure on gold in today’s trading session.

In case gold settles above $2040, it will head towards the resistance at $2065 – $2075.

Silver

Silver
Silver 280224 Daily Chart

Silver tested new lows as gold/silver ratio climbed above the 90.50 level. Rising gold/silver ratio is the main driver for silver’s weakness.

A successful test of the support at $22.25 – $22.50 will push silver towards the next support level at $21.55 – $21.75.

Platinum

Platinum
Platinum 280224 Daily Chart

Platinum retreats as traders focus on the strong pullback in palladium markets. From a big picture point of view, platinum markets stay volatile in absence of strong catalysts.

A move below the $880 level opens the way to the test of the support at $840 – $850.

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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