Gold, Silver, Platinum Forecasts – Gold Pulls Back As Traders Take Profits Near Historic Highs

Vladimir Zernov
Published: May 21, 2024, 17:16 GMT+00:00

Key Points:

  • Gold is losing some ground amid profit-taking.
  • Silver made an attempt to settle above the $32.50 level.
  • Platinum settled near $1050 in a volatile trading session.
Gold, Silver, Platinum Forecasts

In this article:


Gold 210524 Daily Chart

Gold is swinging between gains and losses as traders take profits near historic highs.

The nearest support level for gold is located in the $2390 – $2400 range. In case gold stays above the $2400 level, it will head towards $2500.


Silver 210524 Daily Chart

Silver tested the $32.50 level as traders remained bullish. RSI is in the overbought territory, so some traders have already decided to take profits off the table.

If silver moves above $32.50, it will head towards the next resistance level at $33.50 – $34.00.


Platinum 210524 Daily Chart

Platinum is mostly flat in volatile trading. The market is trying to stabilize after the recent rally.

If platinum settles back above the $1050 level, it will head towards the nearest resistance level at $1070 – $1080.

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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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