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Gold, Silver, Platinum Forecasts – Gold Retreats As Demand For Safe-Haven Assets Declines

By:
Vladimir Zernov
Published: Jan 24, 2024, 17:11 UTC

Silver and platinum are moving higher as traders focus on China's stimulus measures.

Gold, Silver, Platinum Forecasts

In this article:

Key Insights

  • Gold is trying to settle below the support at $2015 – $2025 as traders react to the encouraging PMI reports from the U.S. 
  • Silver gained upside momentum as gold/silver ratio settled back below 89.
  • Platinum moved higher as China’s central bank provided additional support to the economy. 

Gold

Gold
Gold 240124 Daily Chart

Gold is losing ground as demand for safe-haven assets declines after the release of strong U.S. PMI reports.

A successful test of the support at $2015 – $2025 will push gold towards the next support level, which is located in the $1970 – $1980 range.

Silver

Silver
Silver 240124 Daily Chart

Silver made an attempt to settle back above the $23.00 level as gold/silver ratio pulled back below 89.

If silver climbs above $23.00, it will head towards the nearest resistance at $23.40 – $23.60.

Platinum

Platinum
Platinum 240124 Daily Chart

Platinum gained some ground as China’s central bank cut reserve requirement ratio for banks, which would boost the country’s economy and increase demand for platinum.

If platinum stays 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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