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

By:

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

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

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

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 Zernovauthor

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.