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

By:
Vladimir Zernov
Published: Feb 22, 2024, 17:12 UTC

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, Silver, Platinum Forecasts

In this article:

Gold

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
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
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.

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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