Gold, Silver, Platinum Forecasts – Gold Retreats As Dollar Rebounds

By:

Vladimir Zernov

Published: May 7, 2024, 17:04 GMT+00:00

Key Points:

Gold pulled back as traders focused on U.S. dollar's rebound.
Silver did not manage to settle above the $27.50 level.
Platinum tested resistance at $975 - $985.

Gold

Gold 070524 Daily Chart

Gold pulls back despite falling Treasury yields. From a big picture point of view, gold continues consolidation after the recent pullback.

The nearest support level for gold is located in the $2295 – $2305 range. A move below $2295 will push gold towards the support at $2190 – $2200.

Silver

Silver 070524 Daily Chart

Silver is losing ground as traders focus on the pullback in the gold markets. Gold/silver ratio settled below the 85 level, which is bullish for silver.

If silver moves above the resistance at $27.75 – $28.00, it will head towards the next resistance at $28.75 – $29.00.

Platinum

Platinum 070524 Daily Chart

Platinum tests new highs as traders bet on rising demand from China.

A successful test of the resistance at $975 – $985 will push platinum towards the next resistance level at $1010 – $1020.

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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.