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 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 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.
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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.