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Gold, Silver, Platinum Forecasts – Gold Stays Above $2300 As Traders Prepare For Fed Decision

By:
Vladimir Zernov
Published: Jun 11, 2024, 17:17 GMT+00:00

Key Points:

  • Gold is mostly flat despite strong dollar.
  • Silver is down by 1.9% as gold/silver ratio moved back above the 79 level.
  • Platinum tests new lows as the pullback continues.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 110624 Daily Chart

Gold received strong support at $2295 – $2305 despite strong dollar. Traders are not ready for big moves ahead of the Fed decision, which will be released tomorrow.

If gold declines below the $2295 level, it will gain additional downside momentum and move towards the support at $2190 – $2200.

Silver

Silver
Silver 110624 Daily Chart

Silver pulls back as gold/silver ratio rebounded above the 79 level. In case gold/silver ratio climbs above 80, silver will find itself under more pressure.

A successful test of the nearest support at $28.75 – $29.00 will push silver towards the next support level at $27.20 – $27.50.

Platinum

Platinum
Platinum 110624 Daily Chart

Platinum tests new lows amid broad pullback in precious metals markets. Palladium, which is down by 2.3%, is also losing ground in today’s trading session.

If platinum settles below the $950 level, it will head towards the support 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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