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Gold, Silver, Platinum Forecasts – Gold Tests Historic Highs After Iranian President Dies In Helicopter Crash

By:
Vladimir Zernov
Published: May 20, 2024, 17:00 GMT+00:00

Key Points:

  • Gold made an attempt to settle above the $2450 level.
  • Silver tested the $32.50 level as the strong rally continued.
  • Platinum pulled back amid profit-taking.
Gold, Silver, Platinum Forecasts

In this article:

Gold

Gold
Gold 200524 Daily Chart

Gold tested new highs as traders reacted to geopolitical developments. Demand for safe-haven gold increased after Iranian President Ebrahim Raisi died in mysterious helicopter crash.

Gold made an attempt to settle above the $2450 level but lost momentum as some traders decided to take profits near historic highs. A move above $2450 will push gold towards the $2500 level.

Silver

Silver
Silver 200524 Daily Chart

Silver tested new highs as the strong rally continued. RSI is in the overbought territory, so the risks of a pullback are rising.

If silver stays above the $31.20 level, it will head towards the resistance at $33.50 – $34.00.

Platinum

Platinum
Platinum 200524 Daily Chart

Platinum pulled back as traders decided to take some profits off the table after the strong rally.

In case platinum settles back below the $1050 level, it will head towards the nearest support 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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