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

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, Silver, Platinum Forecasts

In this article:


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 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 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.

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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