Gold, Silver, Platinum Forecasts – Gold Pulls Back From Session Highs

By:

Vladimir Zernov

Published: Feb 22, 2024, 17:12 GMT+00:00

Key Points:

Gold did not manage to settle above the $2035 level and pulled back.
Silver declined towards $22.75 as gold/silver ratio moved higher.
Platinum climbed back above the $900 level.

Gold

Gold 220224 4h Chart

Gold remains stuck near the $2025 level as traders react to PMI reports from developed countries. U.S. dollar is flat in a volatile trading session, and gold traders will have to wait for additional catalysts.

From the technical point of view, gold needs to settle above $2025 to have a chance to gain additional upside momentum.

Silver

Silver 220224 4h Chart

Silver retreats as gold/silver ratio remains above the 88.50 level. Silver market remains volatile, and it looks that there are no serious buyers or sellers in a market dominated by traders.

A move below the $22.75 level will open the way to the test of the support at $22.25 – $22.50.

Platinum

Platinum 220224 4h Chart

Platinum rebounds after yesterday’s sell-off. From a big picture point of view, platinum market stays range-bound.

If platinum settles back above the 900 level, it will move towards the resistance at $925 – $935.

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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.